XRP is showing two conflicting signals on-chain. Roughly $50 billion worth of supply remains underwater, while large holders appear to be moving more tokens off exchanges. At the time of publication, XRP traded at $1.35, down 0.1% over the past 24 hours.
Underwater Supply Climbs Toward $50 Billion
Data from Glassnode indicates that the total XRP supply in loss recently moved close to the $50 billion level. The metric measures the combined dollar value of coins whose last on-chain movement took place at prices above the current market price. In practical terms, a large share of holders is still sitting on positions bought higher than where XRP trades now.
An elevated unrealized loss reading usually points to a market where many participants remain trapped in losing positions. The source noted that this type of condition often appears near cyclical bottoms, especially during periods when weaker holders give up and exit.
Exchange Outflows Suggest Large Holders Are Adding Exposure
At the same time, exchange flow data points in a different direction. On-chain dashboards showed that millions of XRP have left trading platforms in recent days, including a single-day outflow of about 35.6 million XRP on March 6. These withdrawals are commonly read as an accumulation signal because investors moving tokens into private wallets are usually not preparing them for immediate sale.
That pattern has drawn attention to whale activity. Some analysts have described the recent transfers as a sign that large holders may be positioning ahead of a possible rally. The article also cited a widely shared post on X in which a crypto analyst claimed millions of XRP disappeared from exchanges within 24 hours and argued that “smart money” was stacking the token.
Price Reaction Remains Limited for Now
Even with those outflows, price action has stayed subdued. The market is still weighing two very different conditions: widespread unrealized losses across the supply, and ongoing accumulation by bigger players.
That split is not unusual in crypto. Retail holders can remain underwater while larger investors add exposure during weak sentiment. For now, the exchange withdrawals show accumulation pressure, but they have not yet translated into a clear breakout in XRP’s market price.