XRP shows potential bottom signal as 365-day MVRV drops to 0.92, but $15.7 billion exchange supply threatens recovery

XRP's 365-day MVRV ratio has fallen to about 0.92, placing holders roughly 8% below their cost basis, while the price trades near $1.33. Glassnode warned that over 40% of large-cap altcoins sit near their yearly leverage highs, and more than half of large-cap altcoins and roughly one-third of mid-caps remain in the yearly top decile for open interest relative to market value, signaling elevated leverage despite Bitcoin's pullback. CryptoQuant data shows Binance XRP futures open interest fell 15.8% from Oct. 4 to Oct. 17, with leverage ratio and liquidations supporting an unwind of longs. However, over $1.4 billion in XRP futures open interest sits across exchanges, with roughly 73% of tracked exposure on venues other than Binance, and funding has turned positive, indicating longs are paying shorts again at modest rates.