XRP is seeing mounting selling pressure as on-chain data shows holder profitability flipping negative, signalling a shift in behaviour that mirrors stress phases seen in past downturns.
Analysis published by Glassnode on Feb. 9 shows XRP has broken below its aggregate holder cost basis, a move historically associated with panic selling and rising realised losses.
“XRP lost its aggregate holder cost basis, triggering panic selling … holders are realising significant losses … on-chain profitability flipped negative,”
Glassnode said.
The firm highlighted the Spent Output Profit Ratio, or SOPR, which tracks whether tokens are spent at a profit or loss, noting the seven-day average has fallen from 1.16 in July 2025 to about 0.96, indicating losses are now being realised on-chain.
Glassnode said the current setup closely resembles the September 2021 to May 2022 period, when SOPR stayed below one for an extended time as selling pressure was absorbed and prices moved sideways.
During that earlier phase, prolonged loss realisation and reduced speculative activity reflected a broader reset in holder expectations as weaker positions exited the market.
While sub-one SOPR readings often signal heightened stress, Glassnode stressed the metric is a behavioural indicator, showing how XRP holders are responding to current conditions rather than forecasting future price direction.
At the time of reporting, XRP price was $1.45.