What XRP whales are doing as holders sit on $50 billion in losses

XRP whales appear to be ramping up accumulation even as a significant share of the token’s supply remains underwater, according to recent on-chain data.

XRP whales quietly accumulate as $50B of supply remains underwater

Analytics from Glassnode shows that the total XRP (XRP) supply in loss recently climbed toward the $50 billion mark, meaning tokens currently held by investors were acquired at prices higher than today’s market value.

The metric tracks the aggregate dollar value of coins whose last on-chain movement occurred above the current price.

The elevated level of unrealized losses suggests much of the market remains underwater — a condition that often emerges near cyclical bottoms as weaker holders capitulate.

Against this backdrop, exchange flow metrics point to a different trend among large investors, with whales appearing to quietly accumulate.

Data tracking exchange net position change shows millions of XRP leaving trading platforms in recent days, including a single-day outflow of roughly 35.6 million XRP on March 6, according to on-chain analytics dashboards.

Exchange outflows are often interpreted as a sign of accumulation, as investors typically withdraw tokens to hold them in private wallets rather than keep them available for immediate sale.

Some analysts have framed the recent movements as a signal that large holders are positioning for a potential rally.

In a widely circulated post on X, one crypto analyst claimed “XRP WHALES GOING BALLISTIC! 3.56 million XRP vanished from exchanges in 24 hours,” arguing that “smart money is stacking XRP” and hinting at the possibility of a future price surge.

However, price action remains muted for now. XRP was trading at $1.35 at press time, down 0.1% over the past 24 hours, according to market data.

The divergence between underwater supply and whale accumulation may reflect a classic crypto market dynamic: while many retail investors remain trapped in losing positions, larger players often accumulate during periods of weak sentiment in anticipation of future upside.

Whether the latest exchange outflows translate into sustained price momentum remains uncertain, but the on-chain signals suggest that at least some large investors are quietly increasing their exposure to XRP.