Glassnode data suggests XRP may be entering a capitulation phase, a stage often seen when selling pressure begins to exhaust itself and markets move closer to a potential bottom.
More holders are now realizing losses, indicating that investor conviction has weakened after a prolonged downturn.
The 90-day moving average of XRP’s realized profit-to-loss ratio has fallen to 0.38, according to Glassnode.
In practical terms, this means that for every $1 of losses being realized, only about $0.38 in profits is being recorded—showing that most on-chain transfers are occurring at a loss.
That represents a sharp shift from the 2025 peak, when the ratio hit 50, meaning profits taken were 50 times larger than losses.
Levels below 1 are typically viewed as a sign of capitulation, when investors sell after sustained declines due to fear, stress, or forced liquidation.
While not a definitive indicator of a market bottom, such readings often appear late in downtrends and can signal that selling momentum is nearing exhaustion.
At the time of writing, XRP is trading near $1.11, down about 40% year-to-date, after previously reaching a high above $3.60 last July.
