Steph Is Crypto (@Steph_iscrypto), a widely followed crypto analyst on X, recently highlighted a sharp shift in XRP’s on-chain condition.
This move has begun to reshape the market’s perception of the asset. His post focused on holder profitability, a metric that often reveals pressure building beneath the surface before major moves occur.
According to Steph, almost 50% of XRP’s circulating supply is now underwater. He noted that the share of supply in profit has dropped to 52% after weeks of steady decline. That change places a large portion of holders at a loss, a state that historically appears near inflection points rather than market peaks.
🚨 Almost 50% of $XRP ’s circulating supply is now underwater.
On-chain data shows a clear deterioration in holder profitability.
The share of XRP supply in profit has fallen to 52%, after weeks of steady decline.
That means nearly half of all XRP holders are sitting at a… pic.twitter.com/PC344D0qy9
— STEPH IS CRYPTO (@Steph_iscrypto) December 23, 2025
What the Chart Shows
The chart shared by Steph In Crypto tracks the percentage of XRP’s supply in profit using a 7-day moving average alongside price. As XRP’s price weakened, the profitable supply fell. This signals that more tokens last moved at higher prices than current levels.
In past cycles, this metric has worked as a stress gauge for the market. When most holders sit in profit, selling pressure rises as investors lock in gains. When profitability compresses toward the middle or lower range, selling often slows. Fewer holders want to realize losses. Supply tightens, and XRP’s price becomes more sensitive to new demand.
The current reading places XRP in that compression zone. Nearly half of all circulating XRP now reflects unrealized losses. That condition tends to increase emotional risk during further downside, but it also removes a large portion of immediate sell pressure from profit-takers.
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Is XRP Repeating History?
Steph pointed out that XRP last reached similar profitability levels in November 2024. At that time, the market showed the same deterioration in holder profit before price reversed sharply. XRP then rallied more than 500% in the months that followed.
The comparison relies on structure, and not sentiment or narrative shifts. In November 2024, XRP moved from a state where losses dominated supply into a rapid repricing phase once demand returned. The current setup mirrors that earlier period in terms of supply positioning.
Markets never offer certainty, but the historical parallel strengthens the bullish case. If demand stabilizes or increases, even modest inflows can have a huge effect on XRP. With fewer holders in profit, resistance from overhead supply weakens. Downside risk may already be well distributed across holders, and we could see XRP repeat history if buyers step in forcefully.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are advised to conduct thorough research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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