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Glassnode analysis shows that XRP's on-chain cost structure is similar to the pre-60% crash in February 2022. Short-term holdings for 1 week to 1 month are below the mid-term costs of 6-12 months, with $2 supply overhead. XRP $1.91 (down 4.74% in 24h). Exchange reserves are approximately 1.6 billion, and ETF AUM is about 2 billion.