XRP’s 365-day MVRV ratio has fallen to 0.92, leaving holders tracked by the metric about 8% below their cost basis as the token trades around $1.33. On Binance, futures open interest declined 15.8% and the estimated leverage ratio fell from 0.205 to 0.170, although roughly 73% of tracked futures exposure remains on other exchanges. Exchange reserves totaled 11.81 billion XRP, worth about $15.7 billion, creating substantial potential selling pressure. A durable recovery would require spot demand capable of absorbing those reserves alongside flat or declining open interest; a move above $1.35 and then $1.40 would open the path to $1.55, while a close below $1.25 could expose XRP to a stress range of $1.10 to $1.15.
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