The market intelligence platform Glassnode published data on X on June 9, confirming that the 90-day simple moving average (SMA) of XRP network fees has fallen from 5,900 XRP in February 2025 to 500 XRP. The drop amounts to 91.5%. In its statement, Glassnode described this as “an almost complete collapse in organic transaction demand on the network since the speculative peak.”
Two On-Chain Metrics Detailed by Glassnode
Metric 1: 90-day SMA of Fees (Network Activity Level)
Values confirmed by Glassnode: the February 2025 peak of 5,900 XRP; the current reading of 500 XRP; a decline of 91.5%. Glassnode’s full wording in its X statement: “A drop of this magnitude is not an adjustment in the fee market. It reflects that since the speculative peak, demand for organic transactions on the network has contracted almost entirely.”
Metric 2: Profit / Loss Ratio
Current reading: 0.38, indicating that for every $1 of realized loss in the market, only $0.38 of profit corresponds. The 2025 peak reading was 50 (profits realized were 50 times the losses of those selling at a loss). Glassnode confirmed in its statement: “Such a low ratio indicates that most participants in XRP transactions are exiting positions under conditions of loss, which is a sign of extreme capitulation.”
Confirmed Data on XRP Price vs. Historical Comparisons
As of June 9, 2026, the confirmed data is:
· XRP has fallen by nearly 15% over the past two weeks, dropping to the lowest level since November 2024
· XRP has cumulatively dropped by 71% from its July 2025 high point, and the current pullback has lasted about 350 days
· XRP closed last week below its 200-week simple moving average (SMA)
ChartNerd’s historical bear-market data cited on June 9: during the prior cycle, the duration of the XRP bear market was 400-790 days, with a decline of 85-96%. ChartNerd also cited historical data showing that during the prior cycle, after XRP’s first weekly close broke below the 200-week SMA, a structural bottom appeared within 8-29 weeks.
FAQ
What does Glassnode’s XRP fee data measure?
Glassnode tracks the 90-day simple moving average of the fees paid by all transactions on the XRP network. This metric reflects the level of organic transaction activity on the network. On June 9, 2026, Glassnode confirmed that this indicator fell from 5,900 XRP in February 2025 to the current 500 XRP, a drop of 91.5%.
What does an XRP profit/loss ratio of 0.38 mean?
The profit/loss ratio measures the ratio of realized profits to realized losses in the market. A reading of 0.38 means that for every realized $1 loss on the XRP network, only $0.38 in profit is realized. On June 9, 2026, Glassnode confirmed this as the lowest level since 2024 and characterized it in its statement as “a sign of extreme capitulation.”
What historical context is there for XRP closing below the 200-week SMA last week?
In an analysis published on June 9, 2026, ChartNerd cited historical data indicating that during XRP’s prior cycle, after the first weekly close fell below the 200-week SMA, a structural bottom appeared within 8-29 weeks. The fact that XRP closed last week below the 200-week SMA has been confirmed by Glassnode and on-chain data; ChartNerd’s historical data refers to statistics from the prior cycle, and there has been no official confirmation statement from any institution regarding this cycle’s走势.
