$XRP Crypto analyst Steph Is Crypto (@Steph_iscrypto) has released a new chart showing a sharp change in XRP investors in the market. The analyst pointed directly to the Net Unrealized Profit/Loss (NUPL) drop below 0.25. He stated that investors now sit near loss levels.

XRP is trading at $2.05, down almost 7% from last week. Steph used the chart to indicate a decline in sentiment coinciding with the falling price. This move changes how investors view risk in the short term.

👉Reading the Current NUPL Position

The chart tracks NUPL levels against XRP’s price from late 2024 through the end of 2025. It highlights the start of a decline that pulls the NUPL reading into an area that signals reduced confidence. His post serves as a reminder that sentiment can change quickly as price levels move through key zones.

While sentiment was positive in early November, the chart tracks the shift from belief to anxiety. The indicator now sits below 0.25. This level signals that many investors hold smaller unrealized gains or even unrealized losses. Traders often watch this condition because it reflects how long-term positions react to changing market structure.

The negative signs began showing in late November and accelerated in the early days of December. The price trajectory mirrors this decline, as XRP currently trades near the lower part of its recent range around $2.

👉Impact on XRP Holders

A reading below 0.25 often signals stress for short-term participants. Many of them bought positions during periods of higher confidence. The current chart suggests they now wait for a recovery that could restore earlier gains.

However, long-term holders still sit above levels that marked capitulation in late 2024. This gap shows that the market has not returned to those extreme conditions.

This dip also presents an opportunity. As XRP’s price slides downward, smart investors can accumulate tokens as weak hands exit the market. Steph’s update acts as a checkpoint for anyone tracking XRP’s path through 2025. The NUPL drop does not signal a breakdown by itself. It indicates a shift in how the average holder experiences current price levels.

👉What Comes Next for XRP?

XRP still trades inside a structure that can support a move higher if buyers step in. The NUPL chart displays early signs of leveling out. A steady base often forms before a stronger shift in sentiment. If momentum returns, the NUPL shift could reverse quickly.

XRP has a history of recovering from similar positions. The current downturn sits far from the extremes seen before the last major rally, so a path to recovery remains open.

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