Holding XRP Got Painful: Treasury Data Shows Heavy Losses

XRP holders have had another rough stretch, and the latest on-chain view makes that pain easy to see. XRP is down around 3% this week and still trades below $1.90. Price action has stayed heavy, and every bounce has struggled to stick. A CryptoQuant chart tracking Evernorth’s unrealized PnL adds context to what that weakness looks like under the hood. The data shows a shift from brief profit windows in late October into a long, grinding underwater phase that has only deepened through November and December. The chart plots three things at once. The blue line is XRP price. The bars show unrealized profit in green and unrealized loss in red, measured in dollars. Early in the period, there were a couple of strong green clusters where the position was comfortably in profit. That phase didn’t last. Once XRP rolled over in early November, the bars flipped red and stayed there. From that point forward, the red area grows larger almost step by step. That usually means two things are happening at the same time. Price is trending lower, and the average cost basis of the position is above current price, so every dip expands unrealized losses. By late December, the chart shows the position sitting near a -$220 million unrealized loss.

Source: X/@JA_Maartun

What stands out is the lack of recovery attempts. XRP has had small rebounds during the downtrend, but they never last long enough to relieve the pressure. Each bounce creates a minor reduction in losses, then the downtrend resumes and the red expands again. The pattern is consistent with a market that keeps fading upside rather than building on it. This is where the “start an XRP treasury” narrative meets reality. A treasury strategy assumes long time horizons and deep conviction. That can work, but it also means living through drawdowns that look brutal on paper. When the market turns against the position, there is no quick fix. The losses sit there, visible on-chain, and the only real cure is time and a higher price. It also creates a second-order problem: sentiment. When a large, tracked holder stays deeply underwater, traders start reading it like a stress test. Even if there is no forced selling risk, the optics are bad. People assume pressure. They assume capitulation. They start front-running a “what if.” That can weigh on price even more, especially in a market where confidence is already thin. At the same time, it is important not to overinterpret the word “loss.” Unrealized loss is not the same as realized loss. It does not confirm selling. It simply shows the position is underwater at current prices. Treasuries can sit in drawdowns for months if they are built for longer cycles. But the chart does show that the timing has been poor, and the market has been unforgiving. For XRP itself, the short-term picture remains simple. Below $1.90, momentum is still weak. Bulls need to reclaim that area and hold it as support before the market can talk about anything more than a bounce. If XRP keeps chopping below that level, the path of least resistance remains sideways to down, and these underwater PnL readings can keep getting worse. The bigger takeaway is psychological. XRP is in a phase where conviction is being tested again. The market has made it painful to stay bullish. That is exactly why the chart is getting attention. It captures the mood in one snapshot: for a large holder, this has not been “fun.” It has been a drawdown. Whether that eventually becomes a contrarian setup or just more downside depends on one thing XRP hasn’t delivered lately: sustained follow-through on rallies. Until that changes, the treasury trade looks less like a flex and more like a patience test. Read also: Everyone Is Bearish on XRP Again—Here’s Why That’s Not a Bad Thing