XRP may be flashing a historically bullish signal after recording its largest on-chain realized loss spike since November 2022.
Data shows the sharpest surge in realized losses in over three years, with the last comparable event occurring 39 months ago, when losses reached roughly $1.93 billion.
That capitulation event preceded a powerful rebound, with the asset rallying 114% over the following eight months, according to data shared by Santiment on February 21.
XRP realized losses chart. Source: Santiment
The spike in realized losses signals a wave of capitulation that could be laying the groundwork for a rebound.
Realized losses occur when investors sell below their purchase price, typically reflecting fear-driven exits during sharp downturns.
While negative on the surface, such spikes have historically marked late-stage selling near market bottoms.
In this line, Santiment’s five-year data shows similar drawdowns often align with seller exhaustion, easing downs
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