XRP (XRP) has lost more than 40% since hitting a multi-year high near $3.40 in January, and onchain data suggests the downtrend could deepen in the weeks ahead.
“Denial” preceding past 75-90% XRP crashes is back
XRP’s Net Unrealized Profit/Loss (NUPL) data from Glassnode suggests the token may be heading for another extended downturn.
The metric, which gauges the aggregate unrealized gains or losses of XRP holders, has historically served as a reliable barometer of potential trend reversals. In past market cycles, NUPL has peaked in the so-called “euphoria” zone just before major price tops.
In 2018, XRP soared above $3.00 as NUPL signaled extreme optimism, only to collapse 90% to below $0.30 as sentiment deteriorated through “denial” and into “capitulation.”
XRP NUPL historical performance chart. Source: Glassnode
A similar pattern played out in 2021 when XRP hit $1.96 before sliding 75%