Ripple’s XRP holders carry the largest unrealized losses since 2022

XRP holders are facing the largest unrealized losses since 2022, with whales holding off deposits to exchanges as they wait for more favorable conditions. XRP holders are reportedly sitting on around 41% in unrealized losses, the biggest market drawdown since the crash of FTX in 2022.

According to Santiment data, average XRPL wallets have declined by over 41% on their investments over the past year. This ratio of mean value to realized value (MVRV) is described as comparable to the depth of the 2022 bear market.

XRPL activity rises while XRP price remains under pressure

XRP has spent prolonged periods trading sideways, while both whales and retail have continued holding. The token is currently around $1.31, with some short-term rallies, and remains closely watched by investors looking for an opportunity to buy low.

Despite XRP’s muted performance, the XRPL network is expanding. It now carries a record 8.1M addresses. The network also holds $403M in stablecoins and $45M in value locked in DeFi apps, though both figures are noted as lagging behind other major DeFi hubs.

Whale inflows to Binance slow to low levels

Whale activity on Binance has slowed, deviating from the usual pattern of sending funds to exchanges during price rallies. In April, whale activity on Binance fell to the lowest levels for the year-to-date.

Binance is expected to absorb 12.6M XRP in selling pressure, while other days have seen deposits in the hundreds of millions of XRP. Over the past 30 days, cumulative inflows fell to 1.44B XRP, described as one of the lowest monthly levels for 2026.

The decline in whale inflows suggests a willingness to hold for the longer term amid ongoing uncertainty and a weak altcoin market.

Ripple expands payments business

Ripple continues to focus on P2P payments. In the past quarter, RLUSD supply contracted from over $1.5B to $1.37B.

Ripple also reported growth in the African digital asset market, citing 52% year-on-year growth in payments. RLUSD is used in collaboration with local fintech companies, including Mercy Corps Ventures in Kenya. While RLUSD is less represented in DeFi, it is described as a P2P tool for multiple local payment services, including Chipper Cash, VALR, and Yellow Card.

Ratings and institutional push, but limited immediate price impact

Ripple Prime, the company’s brokerage service, received an investment-grade rating. Ripple Prime is expected to support additional revenues and attract more clients for its institutional-grade offering.

Even with these developments, the XRP market price does not immediately reflect positive news tied to Ripple’s business updates.