When XRP Holders Start Selling at a Loss
XRP’s “profitability” chatter is trending because the on-chain tape finally flipped: SOPR has slipped below 1.0 for the first time since 2022, meaning coins are being spent at a loss on average. Glassnode’s Net Unrealized Profit/Loss is also under zero (−0.038 as of February 10, 2026), a blunt sign that paper gains have evaporated. I don’t read that as a “panic” headline so much as a mood change: people stop holding because they want to, and start holding because they have to. Still, the pressure looks lopsided—smaller holders seem to be exiting while whale-to-exchange flow stays muted. Santiment’s 30-day MVRV has been negative too, putting recent buyers in the red and often cooling profit-taking. The uncomfortable question: is this the clearing-out phase, or just the start?
