On-Chain Observation: XRP SOPR Turns Negative

Recent on-chain data shows that XRP’s aggregate holder cost basis has been breached. The SOPR (Spent Output Profit Ratio) has declined from approximately 1.16 to 0.96, indicating that a portion of on-chain transfers is occurring at a loss.

A SOPR value below 1.0 typically reflects distribution under pressure, as some holders choose to exit positions below their average entry levels. This behavior is often associated with reduced conviction among short-term participants rather than a definitive trend signal on its own.

At current price levels around $1.43, this pattern shows similarities to prior consolidation phases observed in earlier cycles, where extended range-building followed periods of stress. Market participants may therefore monitor liquidity conditions and on-chain activity closely while waiting for clearer directional confirmation.

Assessment: Weak-hand distribution observed; consolidation risk remains until sentiment and on-chain metrics stabilize.

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