XRP holders are underwater and Binance leverage has fallen nearly 16%, but billions in exchange-held tokens leave the market exposed to renewed selling.

XRP's 365-day MVRV ratio has fallen to about 0.92, which places holders in the metric's window roughly 8% below their cost basis, while XRP trades near $1.33, according to Santiment.

Glassnode warned Oct. 19 that more than 40% of large-cap altcoins sit near their own yearly leverage highs. XRP's derivatives data sits between Binance shedding leverage and most of the XRP futures market sitting on other exchanges.

Santiment's Oct. 20 readings put DOGE's 365-day MVRV near 0.74, and Bitcoin, Ethereum, and Chainlink as a group between 0.97 and 1.04. A reading below 1 means the average holder in the window bought above the current price, which can reduce the incentive to take profits, since few holders sit on gains.

The same reading can also describe a market where marginal buyers have thinned out, and the metric describes valuation while any rebound rests on buyers. XRP's 0.92 shows less valuation stress than DOGE and more than other majors.

Glassnode's figure counts the share of large-cap altcoins near their own yearly leverage highs, and it says the share of mid-caps with elevated leverage reached a yearly high. It describes the sector's breadth and sits apart from XRP's leverage ratio or XRP's share of liquidations.

Glassnode's Oct. 14 research added that leverage concentration across individual coins has been unusually elevated since Sept. 28, while its aggregate market measure stayed subdued, pointing to crowded positions in specific tokens.

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