Ripple (XRP) has witnessed tremendous pressure amidst the recent market-wide meltdown. The crypto asset fell by more than 11% over the past week as a result, and briefly touched the lows of $2.10 before stabilizing near the press time price of $2.20.

Data now suggests that nearly half of the XRP supply sits in loss, indicating late buyers face a high risk.

Fragile XRP Market

Glassnode’s latest data shows that only 58.5% of XRP is currently in profit. This is the lowest level since November 2024, when the price was trading near $0.53. Despite XRP’s modest rebound near the current level, about 41.5% of the supply, which is roughly 26.5 billion tokens, remains underwater.

The blockchain intelligence platform stated that this highlights a top-heavy market, with late buyers holding significant losses, as the market remains structurally fragile and vulnerable to sharp corrections.

XRP’s price has remained largely unmoved despite a series of spot XRP ETF launches throughout November, offering US investors direct exposure to the XRP Ledger’s (XRPL) native cryptocurrency. This includes Franklin Templeton’s EZRP, which debuted on November 18, followed by additional products from Bitwise, 21Shares, and CoinShares, which are expected to roll out between November 19 and 22 on the Nasdaq Global Market.

According to SoSoValue, Canary Capital’s XRPC, which is the first spot XRP ETF launched last week, has attracted almost $270 million in cumulative flows, with its Monday inflows being $25.41 million. Even so, the heightened interest has done little to shift the underlying crypto asset’s market trajectory. The asset is down 40% since hitting its all-time high of $3.65 in July this year.

Crypto Searches Slump

Zooming out, public interest in the crypto market as a whole has slipped to its lowest level since June, according to Google search trends by crypto analytics firm, Alphractal. As Bitcoin, XRP, and other crypto prices decline, people quickly lose motivation, which is evident in the searches for exchanges, altcoins, and market trends that have now dropped sharply.

Alphractal explained that interest typically returns only when volatility picks up and prices start moving higher. Until then, attention remains subdued, even though such quiet phases often present strong opportunities for long-term investors.

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