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This article is also available in Spanish.
GlassNode, on-chain data analytics firm, has identified interesting changes in retail investors’ preferences and has put XRP in the spotlight as the focus of speculative interest. Findings from GlassNode’s newly published report entitled “Rippling Away” reveal that while Bitcoin market measures are approaching a bear zone, XRP is seeing a pronounced influx of momentum and user activity.
According to a GlassNode report, Bitcoin consolidates the price range from $76,000 to $87,000. Indicators such as realized profit/loss ratios indicate “signs of short-term seller fatigue still persistent bullish momentum updates.”
Furthermore, the long-term on-chain “death cross” suggests that current weaknesses in the market could last for some time. “The supply of losses remains rising at 4.7m BTC,” the report said, highlighting the depth of investor stress. These conditions draw the picture, as GlassNode points out, “deepen the bearish terms” for major cryptocurrencies.
XRP flocks to retail
In contrast to Bitcoin’s attention signal, GlassNode refers to XRP as the proxy for advanced retail speculation in this cycle. The report emphasizes: “In particular, during this cycle, Ripple (XRP) is a trade-priority asset among retail investors, and studying its behavior could serve as a proxy to measure retail speculative demand.”
Related readings
After the low cycle in 2022, XRP’s daily active addresses are jumping quarterly on average “+490%,” while Bitcoin is only up 10%. This sharp divergence underlines the retail community’s enthusiasm for XRP. GlassNode believes it shows a broader speculative appetite in the market.
The enthusiasm for XRP was translated into a nearly collision of caps that were realized. This ranged from $30.1 billion to $64.2 billion during the rally between December 2024 and early 2025. GlassNode estimates that around $3 billion of this new capital has come in the last six months, referring to a new wave of market participants.
Along with a short surge in capital flows, there was a rapid concentration of wealth in new investors,” the report explains. But Glassnode also warns.
Related readings
Glassnode warns that these new investors are vulnerable to negative side volatility, particularly as the cost base of XRP becomes more heavier. Therefore, despite initial excitement, the report focuses on the cooling of speculative interest since late February 2025.
XRP’s GlassNode realised loss/profit ratio has been steadily decreasing since January 2025, suggesting profitability and “loss of confidence.” This may reflect a more vulnerable market structure, with large swaths of relatively new holders facing paper losses.
“The XRP market shows signs of a top-heavy structure, with many investors being captured on a relatively high cost basis,” the report adds. This vulnerability in XRP positioning could mean broader attention for the retail-driven Altcoin market.
Overall, GlassNode’s latest research highlights the dichotomy of the digital assets situation today. Bitcoin’s drift fell below $80,000, which increased losses for long-term holders, but the rise in XRP meteors and subsequent slowdown portrays a market driven by short-term retail enthusiasm that could be nearing saturation.
“For more speculative assets such as XRP, demand may already be at its peak,” the report concludes.
At the time of press, the XRP traded for $2.00.
Featured images created with dall.e, charts on tradingview.com
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