Crypto analyst Steph Is Crypto (@Steph_iscrypto) published a post calling out two supply concentrations in XRP’s cost basis distribution, citing Glassnode data.
The post warned of “TWO massive selling walls at $1.61 and $1.85, representing nearly 4,500,000,000 XRP.”
With XRP trading around $1.30, the analyst concluded those holders are “sitting on roughly 25% unrealized losses.” The post spread quickly. The data behind it is real, but the 25% figure deserves a closer look.
🚨BAD NEWS FOR $XRP HOLDERS:
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! pic.twitter.com/2oDL34Gjkh
— STEPH IS CRYPTO (@Steph_iscrypto) October 25, 2026
Where the 25% Comes From
Glassnode’s Cost Basis Distribution heatmap shows the price levels at which XRP holders originally acquired their supply. Two distinct clusters appear prominently: one around $1.61 and another around $1.85.
At a current price of approximately $1.30, the math on each band tells a different story. Holders in the $1.85 range are sitting on losses closer to approximately 29.7%. Holders in the $1.61 range are down approximately 19.3%. The 25% figure lands somewhere between those two numbers as a rough average.
Treating them as a single group obscures how differently each group may respond to price movement. Holders in deeper loss are statistically less likely to sell into further decline. Capitulation tends to happen earlier in a drawdown.
The Cost Basis Cluster
A cost basis cluster shows where holders bought, not where they will sell. Supply concentrated at $1.61 and $1.85 represents conviction entries from that period. Some of those holders may add to their positions if price continues lower. Others will wait for a return to breakeven before acting.
Overhead supply at those levels does create resistance. XRP will face selling pressure as it tries to break through the sell walls at $1.61 and $1.85 from below, and holders look to exit at cost.
What This Means for Price Movement
For XRP to reclaim its 2025 peak, it will need to absorb the supply sitting between $1.61 and $1.85. That process takes time and volume. A slow grind through those levels tends to be more sustainable. A sharp spike can trigger faster profit-taking from holders who have waited months to recover losses.
The current price near $1.30 keeps XRP below both supply zones. Until buying pressure builds enough to test $1.61, those holders remain underwater and largely inactive in terms of selling.
Sitting on a large unrealized loss is uncomfortable, but it is not unusual in crypto market cycles. Long-term XRP holders have navigated wider drawdowns before. How the price responds when it reaches those levels will reveal far more than the current snapshot.
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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