$XRP just lost its aggregate holder cost basis, and the market reaction was immediate.
SOPR dropped from 1.16 → 0.96, showing that many holders are now selling at a loss a sign of panic and weak hands exiting the market.
A similar pattern appeared between September 2021 and May 2022, when XRP moved into a long consolidation phase.
If history repeats, this could mean more sideways action before the next major move.