XRP finally cleared its symmetrical pennant formation on July 3, with the price pushing above the $2.20 region. The breakout wasn’t explosive but came on moderately rising volume, hinting at quiet accumulation.

Currently, the XRP price hovers near $2.27, facing a key resistance confluence at $2.35.

SOPR Suggests Some Profit-Taking, But No Panic

XRP’s SOPR (Spent Output Profit Ratio) spiked above 1.6 in early June 2025, indicating wallets are locking in gains. Historically, such levels have aligned with local tops, especially when profit-taking exceeds 1.5.

But this time, the XRP price is holding firm, even though 1.5 is still far off. This suggests market strength, or at the very least, strong absorption of profits.

SOPR tracks whether coins moved on-chain are sold at a profit or loss. A value above 1 means sellers are exiting in profit. Current levels indicate some distribution but not enough to derail the trend.

MVRV Z-Score Signals No Euphoria Yet

The MVRV (Market Value to Realized Value) Z-Score, which compares market cap to realized cap, remains relatively tame even after the breakout. It previously peaked near 6.5 during XRP’s $3 run in early 2025 but now hovers near 2.0.