XRP selling pressure mirrors early 2022 bear market: Glassnode

XRP has entered a stop-loss phase as its price falls below the average cost basis for all holders, triggering widespread selling, according to an analysis by Glassnode. The firm noted that the 7-day exponential moving average (EMA) of the Spent Output Profit Ratio (SOPR) has declined from 1.16 last July to its current level of 0.96. This drop below the 1.0 threshold signifies that realized losses are outpacing profits, suggesting that holders are now selling their positions at a loss. Glassnode compared this pattern to the early stages of the bear market from September 2021 to May 2022, when a similar dip in SOPR below 1.0 preceded a prolonged market correction.