XRP Holders Refuse to Sell Amid Heavy Losses

XRP holders have continued to withdraw tokens from exchanges despite heavy losses, according to a recent report by Bitrue Research Institute. The institute analyzed data on exchange balances and found that XRP has seen significant net outflows over various time periods, including $1.85 billion in the last 30 days.

The decline in exchange supply has reduced the amount of XRP available for sale on trading venues. Historically, such a pattern would indicate accumulation by long-term holders, but current price action suggests demand has not kept pace.

The institute pointed out that around 60% of circulating supply is being held at a loss, with an average drawdown of over 30% from cost basis. The derivatives market has also contracted, with XRP futures open interest declining by roughly 75% since its peak in July 2025.

The report noted that the convergence of collapsing open interest, depressed profit-to-loss ratios, and persistent exchange outflows is consistent with the late stage of a downtrend. However, the missing element is demand, which has not been sufficient to lift XRP despite reduced selling pressure.