XRP's price is now at $1.41, and although it was slightly lower last month, I am thinking differently about what I see. Everything on the surface seems boring, but on-chain data tells a completely different story.

I noticed that XRP's NVT ratio has dropped from 1,200 to just 170 now. What does this mean? More real usage, less speculation. When it was at 1,200, XRP was trading above three dollars — but that was mostly due to market excitement, not network activity. Now, exchange reserves are decreasing, over $1.23 billion is locked in spot ETFs, and established investors are depositing.

Another thing that caught my attention — XRP's MVRV is now at its lowest level since the FTX era, where holders are facing an average loss of 41%. That sounds bad, but historically, such extreme levels precede a bounce. The same situation in December 2022 led to over 60% price increases. Sentiment is poor, retail investors are exiting, but metrics suggest a potential bottom is forming.