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.
What This Means For XRP PriceThat 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.
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.
