XRP Active Wallets Show 41% Average Loss as MVRV Drops to 2022 Lows

XRP price is trading under continued pressure as on-chain data shows most holders remain in losses. Recent metrics indicate that average active wallets over the past year are down by 41%. This has pushed the MVRV ratio to levels last seen during the November 2022 market stress period. The data reflects sustained selling activity and weak recovery momentum across recent months.

XRP MVRV Drops to FTX-Era Levels

Santiment data shows that XRP’s Market Value to Realized Value ratio has fallen sharply, reaching its lowest point since late 2022. The MVRV metric tracks whether investors are holding assets at a profit or loss based on their entry prices. Current readings confirm that a large portion of market participants are underwater.

XRP’s Market Value to Realized Value Ratio | Source: X

This decline goes beyond price movement and reflects realized losses across wallets. XRP price is trading near $1.31, down more than 60% from its July 2025 peak of $3.66. The drop has kept investor returns in negative territory, aligning with broader weakness seen across digital assets during the same period.

Supply in Loss Signals Continued Selling

Additional data from Glassnode shows that more than half of XRP’s circulating supply is currently held at a loss. Only 43.4% of supply remains in profit, marking one of the lowest levels recorded since mid-2024. This distribution confirms that many holders who entered positions above $2 are still exiting at lower prices.

Daily realized losses have ranged between $20 million and $110 million since November 2025. These losses reflect ongoing selling pressure as investors reduce exposure. The sustained outflows have limited XRP’s ability to establish a consistent recovery trend despite occasional short-term rebounds.

Realized Loss by Age | Source: Glassnode

Historical data shows that deeply negative MVRV levels have often coincided with late-stage corrections. Santiment notes that such conditions tend to appear when a majority of weaker participants have already exited the market. This phase is associated with reduced downside risk compared to earlier stages of a decline.

The current one-year MVRV reading near -41% places XRP within what analysts describe as an accumulation range. A similar setup occurred in December 2022, which preceded a price recovery of approximately 63% over the following months. 

XRP Price Risk Seventh Monthly Decline

XRP is now approaching a critical point in its monthly performance trend. The asset has recorded six consecutive months of losses since October 2025, reflecting a prolonged period of declining price action. If April closes in negative territory, XRP would mark its seventh straight monthly decline.

Such a streak has not occurred since the 2013 to 2014 cycle. During that period, XRP recorded continuous losses before entering a sharp recovery phase. The current structure shows similar downward momentum, with lower highs and lower lows forming over multiple months.

The broader market environment has contributed to this trend, with XRP underperforming several major assets. While Bitcoin and other tokens showed partial recovery in March 2026, XRP continued its decline. This divergence has added pressure on price stability and investor sentiment.