Glassnode data shows XRP holders who bought above $2 over the past year have been realizing about $20 million to $110 million in daily losses as XRP fell 55% over six months to roughly $1.30. CryptoQuant data shows Binance spot cumulative volume delta rose to about $520.2 million while perpetual cumulative volume delta stayed negative by about $261 million, pointing to cash-market demand without derivatives confirmation.