Crypto market analyst Steph Is Crypto drew attention to two major supply concentrations in XRP, based on Glassnode’s cost basis distribution data. These clusters represent significant selling walls located at the $1.61 and $1.85 price levels. According to the analyst, these zones collectively account for nearly 4.5 billion XRP, currently valued well over $5 billion at present market rates.
Glassnode highlights concentrated XRP selling pressure
The cost basis distribution heatmap released by Glassnode, a blockchain data and analytics platform, shows the specific price points where large numbers of XRP holders originally acquired their tokens. The data reveals two prominent clusters: one centered around $1.61 and another at $1.85. These concentrations suggest a sizable group of investors entered the market during those periods, and are now holding significant quantities of XRP.
Steph Is Crypto stated that with XRP trading near $1.30, “glassnode reveals TWO massive selling walls at $1.61 and $1.85, representing nearly 4,500,000,000 XRP. Those holders are now sitting on roughly 25% unrealized losses.”
Steph Is Crypto cited Glassnode data, reporting two massive XRP selling walls at $1.61 and $1.85, with nearly 4.5 billion XRP held at those levels facing approximately 25% unrealized losses based on the current price.
The figures show that holders who bought at $1.85 are facing losses closer to 29.7%, while those who acquired XRP around $1.61 are down about 19.3%. The 25% loss figure represents an approximate average between these two groups.
| Cluster Price | XRP Held | Current Price | Approximate Loss (%) |
|---|---|---|---|
| $1.61 | ~2.25 billion | $1.30 | 19.3% |
| $1.85 | ~2.25 billion | $1.30 | 29.7% |
Grouping these holders together may oversimplify the picture, as individuals at higher losses typically tend to hold rather than sell in declining markets. Historically, large-scale selling from underwater holders often occurs earlier in a market downturn, while deeper loss positions become more resistant to capitulation as the cycle progresses.
Mini dictionary: Glassnode is a blockchain analytics company specializing in on-chain data insights, offering tools that track wallets, exchange flows, and holding patterns across major coins, including XRP.
Cost basis distribution and implications for XRP movement
A cost basis cluster does not indicate where holders will sell, but reflects where their original buying activity was concentrated. For the clusters at $1.61 and $1.85, this signals substantial conviction in those price ranges when the purchases occurred. Some investors may use further declines as buying opportunities, while others are likely to wait for a return to their acquisition price before making decisions.
The presence of large supply zones at $1.61 and $1.85 creates what analysts often refer to as overhead resistance. If the XRP price begins to rally toward these levels, some holders may look to exit at breakeven or minimize their losses, potentially increasing selling pressure as price approaches those bands.
Outlook as XRP remains below major supply zones
For XRP to recover its previous 2025 peak, it will need to steadily absorb the supply positioned between $1.61 and $1.85. This process typically requires sustained buying momentum and significant trading volume. Gradual moves through resistance zones can lead to longer-term price stability, while sharp surges may result in more severe profit-taking by holders looking to exit at break-even levels after months of unrealized losses.
With XRP currently priced near $1.30, both supply clusters remain above the market. Until sufficient demand emerges to challenge $1.61, the bulk of these holders are underwater and less likely to sell in the current range. Analysts suggest that long-term XRP investors have historically weathered even deeper drawdowns in prior market cycles.
As market action brings the price closer to these resistance levels, the reaction from these concentrated holdings may play a significant role in determining the pace and sustainability of future recovery moves.
