XRP (XRP) supply profitability has dropped to its lowest point in 21 months, with spot ETF products recording their first net outflow month.
But whale activity on major exchanges suggests large holders are resisting the urge to sell.
What Happened
On-chain data from Glassnode shows that only 43.4% of XRP's circulating supply is currently in profit at a price of $1.33 — a level not seen since Jul. 2024.
More than 56% of tokens are now held at a loss after six consecutive red monthly candles dragged the price down over 60%.
"With more than half of the supply underwater, investors who accumulated above $2 over the past 12 months have been realizing losses at a pace of $20M – $110M/day since November 2025," Glassnode noted.
Institutional demand has weakened in parallel. Data shows Mar. 2026 became the first net outflow month since spot XRP ETFs launched in late 2025. Roughly $31.16M left the products, and early April has added another $1.25M in outflows.
Total assets under management across U.S.-listed spot XRP ETFs have fallen from a January peak of about $1.65B to approximately $950.58M.
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Arab Chain on Whale Activity
Despite the bearish signals, one data point cuts against the trend. Whale inflows to Binance have dropped to their lowest level since early 2026. Daily whale deposits totaled only about 12.60M XRP — far below previous spikes that exceeded hundreds of millions on some days.
The 30-day cumulative flow indicator fell to around 1.44B XRP. That marks one of its lowest readings since the start of the year.
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