- Retail investors have heavily shifted to XRP, with daily active addresses up 490% since the 2022 cycle low, far outpacing Bitcoin’s 10% rise.
- XRP’s Realized Cap nearly doubled, signaling massive recent inflows, but most came from new holders who may be vulnerable to downside.
- Glassnode warns the hype may be fading, as profitability drops and the market structure appears top-heavy, suggesting caution for retail-driven assets.
Well, here’s a twist. While Bitcoin’s just kinda hangin’ out in the $76K–$87K range (and not doing much exciting), data from Glassnode says retail traders have shifted their attention — big time — over to XRP.
In their latest report, cheekily titled “Rippling Away,” the analytics firm breaks down how XRP has become a retail darling this cycle, while Bitcoin… kinda looks tired.
BTC’s Losing Steam, XRP’s Grabbing Eyeballs
So first — Bitcoin. The report points out BTC’s just bouncing around sideways, and some of the indicators aren’t great. The Realized Profit/Loss Ratio is showing seller fatigue, yeah, but not enough juice to call it bullish. There’s even talk of a long-term on-chain “Death-Cross,” which — yikes — suggests this sluggishness might stick around.
Not helping? Glassnode says 4.7 million BTC are still being held at a loss. That’s a lot of pain sitting in wallets.
Meanwhile… XRP’s Kinda Going Off (For Now)
Now let’s talk XRP.
Glassnode says XRP’s been the go-to for retail speculation lately. Since the bottom in 2022, daily active addresses on the XRP ledger have exploded by +490% (yeah, almost 5x), while Bitcoin’s only saw a 10% rise. Retail’s clearly vibing with Ripple right now.
The report even pegs XRP’s Realized Cap — which basically reflects capital inflow — as nearly doubling from $30.1B to $64.2B during the run-up between December 2024 and early 2025. About $30B of that came in just the last six months. That’s not small.
But… It’s Getting a Bit Top-Heavy
Now here’s the caution flag 🚩
Glassnode says a lot of this XRP activity is coming from newer investors, and that’s starting to show some cracks. The big worry? These folks might’ve bought in near the top — meaning if prices dip, they’re the first to panic.
And it’s already happening a little. Since January, the Realized Loss/Profit Ratio for XRP has been sliding — meaning fewer people are in the green, and confidence is dipping. “Waning speculative appetite,” Glassnode calls it.
TL;DR: Retail might’ve overextended, and if XRP doesn’t rally soon, things could start getting wobbly.
What It Means
- Bitcoin’s stuck, with long-term holders feeling the heat.
- XRP surged on retail hype — but that hype might’ve peaked in Feb.
- New holders are sitting on losses, and the market structure is looking a bit fragile.
At the time of writing, XRP is trading around $2.00 — not bad, but that top-heavy structure could get shaky if confidence doesn’t return fast.
Glassnode’s final takeaway?
“For speculative assets like XRP, demand may have already peaked.”
So yeah… might be time to keep one eye on the charts and the other on sentiment — because if the tide turns, it could turn fast.
