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XRP bearish sentiment hits two-year high as on-chain data shows rebound signs

XRP has been trading sluggishly around $1.35, but on-chain indicators are sending stronger signals than price action. Its NVT ratio has fallen to about 170, contrasting with levels above 1,200 in mid-2025, suggesting higher network use relative to valuation. Spot XRP ETFs hold more than $1.23 billion, while exchange balances are declining. Bearish sentiment has hit a two-year high and MVRV has dropped to FTX-era levels, with holders averaging 41 percent losses.