[DigitalToday reporter Yesul Kim (김예슬)] News reports say XRP investors' returns are turning from profit to loss.

On Feb. 11 (local time), blockchain media outlet The Crypto Basic reported that XRP is down 62% from its July 2025 peak of $3.66 and is trading at $1.36. It is down 25.90% so far this year.

Glassnode data show XRP's SOPR (Spent Output Profit Ratio) 7-day EMA has fallen to 0.96 from 1.16 in July 2025. A SOPR above 1.0 indicates holders are realizing profits, but a reading below 1.0 indicates losses. With XRP's SOPR down to 0.96, holders are posting an average loss of 4%. That indicates the market has shifted from profit-taking to a phase of accepting losses.

Historical data show that when XRP formed a bull market in 2025, SOPR stayed above 1.10 and investors realized profits. But after July 2025, both price and SOPR fell, pushing the market into a loss phase. The report compared it to the late 2021 to early 2022 period, when XRP plunged from $1.30 to the $0.30 range. At that time, SOPR stayed below 1.0 and the market showed a prolonged downtrend.

The current XRP market appears to have finished the distribution stage and entered the capitulation stage. If the price stays above $1 and SOPR recovers to 1.0, the market could rebound, but a near-term recovery is expected to be difficult.

The report added that XRP's recent decline is being interpreted not as a short-term correction but as a structural signal of weakness. As long as SOPR stays below 1.0, investors are likely to accept losses and a market recovery is expected to take time. Past cases show a SOPR rebound has signaled a market upturn, the outlet said, adding that attention should be paid to future changes in the indicator.