XRP traders down 47%, MVRV at lowest since 2020

Crypto data firm Santiment reported on May 25-26 that average active XRP traders fell 47% over the past 30 days and that the token’s 30-day market value to realized value (MVRV) ratio reached its lowest point since December 2020. The firm described the current reading as an “extreme undervalued zone” that has historically appeared before periods of price rebounds.

Santiment’s analysis placed short-term holders in one of the weakest return zones seen since late 2020. The firm’s MVRV and crowd-sentiment metrics showed losses and bearish commentary near levels the firm compared to trader capitulation. Santiment wrote that the 30-day MVRV decline suggests fear and frustration among traders have reached rare extremes.

MVRV compares current market value with the price at which tokens were last moved on-chain, which helps identify whether holders are in profit or loss. Santiment warned that weak MVRV readings do not guarantee an immediate price reversal and described the metric as a contrarian indicator rather than a confirmed signal. The firm added that low MVRV can indicate much of the panic selling has already occurred.

Other on-chain and market flows presented a mixed picture. XRP fell nearly 6% over the prior week amid a broader crypto rotation. Over the same period, XRP-focused investment products recorded $1.55 million in inflows while spot bitcoin ETFs saw roughly $333.71 million in outflows, according to Santiment’s data. The firm also reported that Goldman Sachs exited its XRP and Solana ETF positions in the first quarter of 2026 while maintaining substantial exposure to bitcoin ETFs.

Santiment noted a deterioration in crowd sentiment, with the ratio of bullish to bearish commentary on XRP falling to about 1.1-to-1. The firm cautioned that excessively optimistic commentary can appear near local tops when many traders are already positioned bullishly.

Several firms, including Evernorth, have framed XRP’s longer-term case around regulated payment infrastructure and cross-border settlement efficiency. Ripple has expanded integration of XRP into enterprise treasury platforms, enabling corporate clients to access digital-asset liquidity through treasury systems.

Santiment identified trader exhaustion, ETF demand and whether panic selling has largely run its course as the next likely drivers of XRP price action. Market participants and analysts note that MVRV signals have at times preceded recoveries for XRP, but they require supporting catalysts such as institutional flows, product launches or regulatory developments to translate into sustained rallies.