XRP enters a “stop-loss” phase as on-chain data indicates holders are selling at a loss for the first time since 2022. The Spent Output Profit Ratio has fallen below 1.0, signaling widespread loss realization. While panic selling appears driven by smaller investors, data suggests larger whales are holding and waiting for a clearer market signal.
The cryptocurrency XRP is experiencing a “stop-loss” phase after on-chain data showed holder profitability turned negative. According to data from Glassnode, this marks the first time since 2022 that the aggregate cost basis for all holders has been lost.
The key metric, the Spent Output Profit Ratio, has fallen below 1.0. “When SOPR falls below 1.0, it means that, on average, holders are selling their coins at a loss,” the data indicates. At press time, XRP traded near $1.44, down roughly 12% over the previous week.
Analysis of whale behavior shows a different trend among large holders. Data from CryptoQuant shows whale-to-exchange flow remains at historically low levels.
This suggests the recent panic selling is primarily driven by smaller investors. Larger holders appear to be waiting for a clearer price opportunity before taking significant action.
Derivative markets show mixed signals, with futures open interest holding steady. Data from CoinGlass shows open interest saw a negligible 0.06% increase to approximately $2.47 billion. Trading volume, however, increased by over 6%.
Technical analysis points to continued bearish momentum for XRP’s price. The coin is establishing new lower highs and trading below key moving averages. Previous support between $1.45 and $1.50 has now turned into resistance.
Should selling pressure persist, the next major support level is observed around $1.30. Analysts note the current setup closely resembles a phase from late 2021 to mid-2022. During that period, the SOPR metric also remained below 1.0 for several months before stabilizing.
