In keeping with new information from Glassnode, XRP holders are formally underwater once more because the Spent Output Revenue Ratio (SOPR) has fallen beneath 1.00 within the first net-loss realization occasion since 2022. Mainly, a majority of on-chain transactions with XRP at the moment are being executed at a loss, confirming widespread capitulation.
The present SOPR studying close to 0.96 follows a pointy drop from 1.16 in July 2025, and analysts warn that it intently mirrors the 2021-2022 consolidation section. Again then, SOPR remained beneath 1.00 for months, locking XRP right into a stagnant vary that solely resolved after a protracted interval of accumulation.
Are XRP holders in hassle?
Panic has returned to XRP market, and this time, it’s baked into the blockchain itself. Glassnode information reveals that XRP’s SOPR (Spent Output Revenue Ratio), a key profitability gauge for on-chain transactions, has collapsed beneath 1.00 after months of decline, confirming that almost all XRP holders at the moment are promoting at a loss.
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What triggered this? The transfer beneath the cost-basis line — the place the common holder’s acquisition worth was breached — acted as a psychological and structural breaking level. As Glassnode notes, “XRP misplaced its mixture holder price foundation,” which sparked a wave of capitulation. The value adopted, dropping from above $3 in mid-2025 to underneath $1.50 at current, mirroring the severity of the SOPR drawdown.
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The final time XRP skilled a comparable SOPR plunge was between September 2021 and Could 2022, a section marked by sideways grind, false bottoms and failed bounce makes an attempt earlier than eventual base formation.
Until SOPR reclaims 1.00 swiftly, XRP could stay trapped on this sub-cost foundation zone, forcing weak fingers out and resetting the bottom for any eventual restoration try. For now, capitulation is now not a concept — it’s measurable, seen and priced in.