XRP's SOPR dropped to 0.96, meaning most holders are now selling at a loss

XRP is taking a hit. The token has broken below its aggregate cost basis, and that triggered panic across the board. A big chunk of holders are now dumping their bags, not to lock in profits, but to cut losses, according to data from Glassnode.

The Spent Output Profit Ratio (SOPR), using the 7-day EMA, has collapsed from 1.16 in July 2025 to 0.96 right now. If that number is above 1, they’re walking away richer. If it’s under, like it is now, XRP holders are bleeding.

This is the first time profitability has turned negative since mid-2025. And according to Glassnode, it looks a lot like what happened between September 2021 and May 2022, when the SOPR stayed under 1 and the market just dragged sideways for months.

Retail holders are dumping XRP while whales hold tight

Right now, XRP’s price sits around $1.42, but whales’ wallets are quiet. Whale-to-exchange flow is still low, which means they’re not dumping. That’s important. It tells you that the selling is mostly coming from retail investors.

The same thing happened back in December 2025 and January 2026. SOPR was low, price kept dropping, but the big wallets stayed silent. It’s the smaller holders who are panicking.

Back in March and April 2025, whale flows were also quiet, and price stayed soft. Then in July, things suddenly bounced hard.

But when profit-taking kicked in, whales dumped fast. They waited for the top. That pattern matters now. Because the whales are still not selling. They’re waiting.

Even with the price sliding, XRP Ledger is still running big numbers. Messari’s data shows average daily transactions at 1.83 million in Q4 2025, up 3.1% from the quarter before. Active addresses dropped to 49,000.

But while payments fell 8.1% to around 909,000, offer creation rose to 42% of the entire mix. That means people are still trading and using the network, even with the loss pressure.

Ripple’s bigger plan is focused on tokenized real-world assets. It’s not about just DeFi numbers anymore. XRPL is being shaped to support tokenized cash, high-grade collateral, and real settlement flows. There’s been real growth here. RWA.xyz reported about $21.41 billion in represented value and nearly $23.87 billion distributed. The tokenized U.S. Treasuries value is now at $10.0 billion.

Ripple wants to pull more of that volume toward XRPL. The plan includes compliance tools built into the network and delivery-versus-payment support. That’s how they’re positioning themselves to handle the next wave of tokenization.

McKinsey expects tokenized markets to grow to $2 trillion by 2030, though BCG and ADDX threw out a much bigger number; $16.1 trillion.

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