XRP lost its aggregate holder cost basis, triggering panic selling.
• SOPR (7D EMA) fell from 1.16 (Jul ’25) to 0.96 (now)
• Holders are realizing significant losses
• On-chain profitability flipped negative
This setup closely resembles the Sep 2021–May 2022 phase, where SOPR plunged to a <1 range for prolonged consolidation before stabilization.

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