XRP is experiencing panic selling as its Spent Output Profit Ratio (SOPR) has fallen from 1.16 to 0.96, according to data from Glassnode. This drop indicates that XRP holders are now selling at a loss, as the SOPR value below 1 suggests that the selling price is lower than the purchase price. The current situation mirrors the consolidation phase seen between September 2021 and May 2022, raising concerns among investors about potential prolonged market instability.