XRP and Dogecoin are showing potentially favorable on-chain valuation signals, according to analytics platform Santiment. Data shared on October 20 indicates that both cryptocurrencies have 365-day Market Value to Realized Value (MVRV) readings below 1, suggesting holders who bought over the past year are sitting on average unrealized losses. The figures place XRP and DOGE in a different position from Bitcoin, Ethereum, and Chainlink, whose readings remain closer to breakeven.
Dogecoin has the lowest reading among the five assets highlighted by Santiment, with its 365-day MVRV near 0.74. XRP follows at approximately 0.92, while Bitcoin, Ethereum, and Chainlink cluster between 0.97 and 1.04. These figures do not guarantee a price recovery, but they offer a way to assess market positioning beyond short-term price movements.
DOGE and XRP Stand Out From Major Crypto Assets
Santiment’s data suggests that Dogecoin holders have experienced greater average unrealized losses than holders of the other cryptocurrencies in the comparison. An MVRV reading of 0.74 indicates that the market value represented by the metric is substantially below the corresponding realized-value benchmark. XRP’s reading of 0.92 also points to losses among holders measured by the same 365-day timeframe, although the gap is smaller.
MVRV compares an asset’s market value with its realized value, which estimates the value of coins based on the prices at which they last moved on-chain. Analysts use the metric to gauge whether holders are sitting on unrealized profits or losses. When MVRV rises well above 1, investors may have greater incentives to take profits, while readings below 1 can indicate that many holders are underwater.
That positioning is why low MVRV readings attract attention during periods of market weakness. If investors who bought at higher prices have already absorbed substantial losses, some selling pressure may have occurred before a potential recovery. However, continued negative sentiment, weak demand, or broader market declines can push prices lower even when an asset appears to be in a historically favorable valuation zone.
For XRP, the 0.92 reading places the token below its realized-value benchmark under the reported metric. Dogecoin’s lower reading suggests a more pronounced gap. The comparison may interest traders looking for assets where market sentiment has deteriorated, but it does not establish that either cryptocurrency has reached a price bottom.
Bitcoin, Ethereum and Chainlink Remain Near Breakeven
Bitcoin, Ethereum, and Chainlink present a more neutral picture in Santiment’s comparison. Their 365-day MVRV readings range from approximately 0.97 to 1.04, indicating that the average position measured by the metric is close to breakeven. This leaves less evidence of either deeply negative positioning or unusually large unrealized gains across the group.
The contrast highlights how different large-cap cryptocurrencies can occupy different stages of market positioning at the same time. XRP and DOGE may be attracting attention because their holders are carrying greater average losses, while BTC, ETH, and LINK show less pronounced deviations from realized value. Still, MVRV alone cannot determine which asset offers the best risk-adjusted return.
Traders assessing these signals can combine MVRV with trading volume, exchange flows, price trends, network activity, and broader market conditions. A low reading becomes more informative when other indicators suggest that selling pressure is easing and demand is returning. Without that confirmation, an asset can remain undervalued by historical measures for an extended period.
For the XRP and Dogecoin communities, Santiment’s figures provide a reason to monitor on-chain positioning, not a guaranteed buy signal. The next question is whether the losses reflected in their MVRV readings coincide with improving market demand. Until that becomes clearer, the data supports a cautious interpretation rather than a prediction of an imminent rally.
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