XRP investors are closely monitoring a key on-chain metric: the divergence between its leverage ratio and price.
Data from CryptoQuant reveals that this gap is historically associated with sharp price moves. The current setup suggests a market where speculative excess has been cleared out, yet the price remains elevated.
This combination of low leverage and steady price creates an unusual setup, according to analysts. It indicates that the market is no longer being driven by borrowed positions, allowing for a cleaner base to form.