- SOPR plunges below 1.0
- Echoes of 2021-2022
XRP has officially entered a period of “capitulation,” according to new on-chain data from analytics firm Glassnode.
The controversial altcoin has lost its aggregate holder cost basis, a critical technical and psychological level.
This, according to the analytics firm, has triggered a wave of panic selling that mirrors the bearish consolidation phase seen between late 2021 and early 2022.
XRP Displays 2021-Style Capitulation
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SOPR plunges below 1.0
The Spent Output Profit Ratio (SOPR) is the key indicator to watch. This metric tracks the profit or loss realized by coins moving on-chain. A value above 1.0 indicates that, on average, coins are being sold for a profit. A value below 1.0 indicates coins are being sold at a loss.
According to Glassnode, XRP’s SOPR has collapsed from a euphoric high of 1.16 in July 2025 to 0.96 today.
The catalyst for this sell-off appears to be the loss of the Aggregate Holder Cost Basis. This metric represents the average price at which all holders acquired their XRP.
Psychologically, this is a moment of maximum stress. Investors who held on during the initial price drop in hopes of a rebound are now seeing red in their portfolios.
Echoes of 2021-2022
There are some similarities between XRP’s current price actions and the period from September 2021 to May 2022. During that period, XRP’s SOPR plunged into the sub-1.0 range and remained suppressed for months.
If the current setup follows that historical pattern, XRP traders should not expect a V-shaped recovery. Instead, the market may face weeks or months of sideways-to-downward price action.
XRP’s price performance
The year began with bullish momentum. XRP staged a strong breakout in the first few weeks of 2026. Buying pressure pushed the price to a local peak of approximately $2.45.
However, momentum stalled in mid-January, and the ball appeared in the bears’ court once again.
The price of XRP recently collapsed to a wick low of approximately $1.12.
Source: https://u.today/xrp-displays-2021-style-capitulation
