Glassnode says XRP is slipping back into a cost-basis configuration last seen 
in February 2022, with newer buyers accumulating at levels that leave a prior 
cohort “top” increasingly underwater, an on-chain setup that can shape sell 
pressure around key price zones. In a note shared Monday via X, the analytics 
firm pointed to a rotation in realized prices by age band. “The current market 
structure for XRP closely resembles February 2022,” Glassnode wrote. It added 
that “psychological pressure on top buyers builds over time,” framing the 
current tape as one where patience is being tested rather than rewarded. What 
This Means For XRP Price The firm’s core observation is that wallets active in 
the short-term window, roughly the 1-week to 1-month cohort, are accumulating 
below the cost basis of holders in the 6-month to 12-month band. In practice, 
that means newer demand is stepping in at prices that are cheaper than what a 
meaningful slice of mid-term holders paid. Related Reading: XRP Is Doing 
Something It Hasn’t Done Since 2021: Here’s Why It Matters That relationship 
matters because cohorts tend to behave differently when price revisits their 
cost basis. When spot trades below a cohort’s realized price, that cohort is, 
on average, underwater. If the market rallies back toward that level, some of 
that supply can become eager to de-risk into breakeven, creating overhead 
liquidity that can cap upside until it is absorbed. Glassnode’s “Realized 
Price by Age” chart (7-day moving average) visualizes this dynamic by plotting 
cohort realized prices against spot. The standout feature is the gap between 
shorter-term and 6–12 month cost bases during the most recent consolidation, 
echoing the firm’s February 2022 comparison. With XRP price again trading 
slightly below the $2 mark, a post by Glassnode from Nov. 24 2025 also comes 
back into focus. Glassnode quoted this old X post in which it singled out $2 
as the level where this cohort stress has been most visible in flows. “The 
$2.0 level remains a major psychological zone for Ripple holders,” the firm 
said. “Since early 2025, each retest of $2 saw $0.5B–$1.2B per week in 
losses,” a reminder that many holders have been exiting at a loss as price 
revisits that handle. Related Reading: XRP Longs Get Wiped: Binance Leads $5M 
Liquidation Wave Those realized loss estimates are a key qualifier: they 
suggest that $2 is not just a chart level, but a behavior level, where 
spending decisions change and where capitulation (or forced de-risking) can 
cluster. Notably, in February 2022, XRP put in a sharp round-trip: after 
slipping to about $0.6034 on Feb. 2, it ripped higher to the month’s peak near 
$0.8758 on Feb. 8, then rolled over into the back half of the month as macro 
risk accelerated. Then, XRP was back around $0.70 by Feb. 23–24 (roughly 20% 
off the Feb. 8 high), before bouncing into month-end near $0.7856 on Feb. 28. 
The late-month downdraft coincided with the Russia–Ukraine escalation and the 
Feb. 24 invasion, which hit risk assets broadly and pushed major crypto lower 
intraday, consistent with the risk-off impulse seen across the entire crypto 
market. At press time, XRP traded at $1.9294. Featured image created with 
DALL.E, chart from TradingView.com

XRP Market Structure Resembles That Of February 2022, Glassnode Warns

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