XRP price is further depressing into a loss-driven phase as selling picks up speed in both the spot and derivatives markets.
XRP was trading at $1.44 at press time, down about 1% in the last day. The price has dropped by roughly 10% in the past week, 30% in the last month, and over 40% in the last year. Since its peak of $3.65 in July 2025, XRP has experienced a significant decline, losing nearly 60% of its value.
Despite the price slide, activity has picked up. Spot trading volume climbed 22% in the last 24 hours to $3.45 billion, suggesting active re-positioning rather than quiet drift. Derivatives data paints a more cautious picture.
According to CoinGlass data, XRP 
xrp1.62%XRP futures volume rose 12% to $5.66 billion, while open interest slipped slightly by 0.17% to $2.50 billion, pointing to traders closing exposure rather than adding fresh leverage.
On-chain data points to stop-loss driven selling
On-chain signals suggest the recent move lower is being driven less by whales and more by holders exiting at a loss. In a Feb. 9 X post, Glassnode noted that XRP has fallen below the aggregate cost basis of its holders, pushing the market into what they described as a “stop-loss phase.”
The firm noted that the 7-day EMA of Spent Output Profit Ratio has dropped from 1.16 in July 2025 to 0.96, its first sustained move below 1.0 since 2022. When SOPR falls under this level, it means coins are being sold at a loss on average.
On-chain profitability has flipped negative, and realized losses are now outweighing realized gains. Glassnode compared the current setup to the September 2021 to May 2022 period, when XRP spent months consolidating after SOPR slipped below 1.0.
Data from CryptoQuant adds another layer. Analyst PelinayPA noted that whale-to-exchange flow remains near historical lows, even as price has dropped to around $1.42–$1.45.
