Glassnode analysis shows XRP on-chain cost basis resembling Feb 2022 pre-60% crash setup. Short-term holders (1w-1m) below 6-12m cohort costs, overhead supply at $2. XRP $1.91 (-4.74% 24h). Exchange reserves \~1.6B XRP, ETF AUM \~$2B.

XRP-3%
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