An analysis has emerged that the so-called 'market capitulation' phase is occurring in the virtual asset Ripple (XRP) market as investors increasingly sell off their holdings at a loss. According to the virtual asset industry on the 10th, citing data from the on-chain analysis firm Glassnode, foreign media reports indicated that XRP investors are increasingly liquidating their holdings while accepting losses. The 90-day moving average of the Realized Profit-to-Loss Ratio, a key indicator supporting this, was recorded at 0.38. This means that a significant amount of XRP moving on-chain is being traded at prices lower than the purchase price. This figure soared to 50 during the peak of last year's bull market, but it has currently dropped significantly. Generally, when the realized profit-to-loss ratio falls below 1, it is interpreted as a typical capitulation phase where investors acknowledge their losses and proceed to sell. The market also views the recent decline in XRP price, trading around $1.11 and down approximately 40% from the beginning of the year, as a factor contributing to the shrinking investor sentiment. However, some present a counterargument, suggesting that this large-scale loss-cutting phase cannot rule out the possibility of eventually leading to a mid-to-long-term bottom formation. [This article was partially assisted by AI. This article is not intended to solicit investment. Virtual assets are subject to high volatility, and any losses resulting from investments belong to the investor. Investment decisions and responsibilities rest with the individual, and this publication does not bear legal liability for them.]