XRP Market Structure “Very Similar” To April 2022, Glassnode Says

Overview

As XRP dips below $1.60, on-chain analytics firm Glassnode has drawn parallels between the current market structure and that of April 2022. The analysis highlights the proximity of XRP’s trading price to its Realized Price, which serves as a significant indicator of market sentiment among investors.

Current Market Conditions for XRP

XRP’s recent decline has brought its price close to the Realized Price, an important on-chain metric that reflects the average acquisition price of all addresses on the blockchain. According to Glassnode, when the spot price is above the Realized Price, it indicates that the majority of investors are in a profitable position. Conversely, when the price falls below this metric, it suggests that most holders are experiencing losses, or being “underwater.”

In a recent post, Glassnode emphasized that the XRP spot price had been above the Realized Price since 2024, which allowed holders to enjoy net unrealized gains during that period. However, the profitability of XRP holders has not remained constant. The gap between the spot price and the Realized Price was notably larger in late 2024 due to a significant bull rally.

As the market progressed into the first three quarters of 2025, the profitability among holders gradually declined. This decline occurred as tokens changed hands at elevated levels, resulting in an increase in the Realized Price. By the last quarter of 2025, the indicator had plateaued, but a bearish shift in XRP’s price trajectory indicated that it was moving closer to the Realized Price, thereby further diminishing average investor profits.

The recent sector-wide crash has exacerbated this trend, causing XRP to approach the Realized Price, which currently sits at $1.48. Glassnode has noted that the current market structure bears a resemblance to that of April 2022, when XRP was transitioning into a bear market and its price fell to the Realized Price. This earlier retest proved unsuccessful, leading to a sharp decline that resulted in the cycle’s low.

The current situation raises questions about whether XRP will attempt a retest of the Realized Price and if such a move could trigger further bearish activity similar to that experienced in 2022.

Analyst Ali Martinez has also pointed out potential technical support levels that could come into play if XRP’s decline continues. According to Martinez, resistance for XRP is at $1.86, while support levels are identified at $1.38 and $1.02.

From author

The analysis by Glassnode serves as a critical reminder of how market conditions can shift rapidly. As XRP approaches its Realized Price, the implications for investors and the broader market are significant. Understanding these dynamics is crucial for traders and investors looking to navigate the current landscape.

Impact on the crypto market

• The proximity of XRP’s price to its Realized Price may influence investor sentiment and trading behavior.
• A retest of the Realized Price could lead to increased selling pressure if history repeats itself.
• The current market structure could impact other cryptocurrencies, especially if market participants react similarly across the board.
• Technical support levels identified by analysts may provide critical points for traders to monitor in the event of further price declines.
• The overall bearish sentiment in the market could lead to increased volatility and uncertainty for investors holding XRP and similar assets.