XRP Profitability Flips Negative: Early Capitulation or Just the Beginning?
XRP’s “profitability” conversation is heating up for a simple reason: the on-chain tape has turned. For the first time since 2022, SOPR has slipped under 1.0—basically, people are selling XRP for less than they paid.
That shift shows up elsewhere too. Glassnode’s Net Unrealized Profit/Loss (NUPL) has fallen below zero as well—−0.038 as of February 10, 2026—a pretty direct signal that paper gains have largely been wiped out.
I don’t read this as an instant “panic” alarm. It feels more like a sentiment rotation: investors stop holding because they want to, and start holding because they have to. What stands out is how uneven the pressure looks—smaller holders appear to be exiting, while whale-to-exchange flows remain relatively muted.
Santiment’s 30-day MVRV staying negative reinforces the same theme: recent buyers are underwater, which typically reduces profit-taking and can slow down speculative momentum.
