A recent report published by cryptocurrency analytics company CryptoQuant indicates that the “quiet accumulation” process continues in XRP, and a strong foundation has formed at the current price levels.
The company’s analysis, based on on-chain data, argued that approximately $1.37 constitutes a healthy base for XRP.
The report specifically highlighted the NVT (Network Value Per Transaction) ratio. Considered a kind of “P/E ratio” for crypto assets, this metric measures the market capitalization relative to the transaction volume on the network. A high NVT ratio suggests the asset may be overvalued, while a low NVT indicates that network usage is supporting the price and providing a healthier valuation.
According to CryptoQuant data, after the extreme NVT surge seen in 2025, a noticeable “cooling down” occurred in the market starting in early 2026. The current NVT level, around 170.2, indicates that this value is in a more stable range compared to previous peaks. This suggests that the XRP price is now supported by actual trading volume rather than speculative movements.
Another significant development observed in the charts as of April 2026 is the convergence between price and NVT. According to the analysis, the convergence and tendency to move in a narrower band seen in the NVT curve is generally considered a signal that appears before a major price movement in the market. Although XRP is currently trading in a horizontal band, the fact that network usage supports these levels indicates that the fundamental dynamics remain strong.
On the other hand, the report reveals that the technical data also aligns with current market developments. The accumulation of approximately $1 billion in spot XRP ETFs as of mid-April is enabling a higher-quality trading volume on the network. This prevents the NVT ratio from entering the overvalued zone despite the price increase.
On the supply side, there is a notable decrease. The decline in XRP reserves on exchanges from approximately 3 billion XRP in the last quarter of 2025 to 2.75 billion XRP indicates that investors are withdrawing their assets from exchanges and opting for long-term storage. This development is considered an important signal that selling pressure in the market is decreasing.
In conclusion, CryptoQuant notes that XRP’s current price range is supported by strong on-chain activity, indicating that the market is undergoing a healthy consolidation process rather than a speculative bubble. According to the analysis, the $1.30–$1.40 range stands out as a “fundamentally justified” valuation range considering current network usage.
*This is not investment advice.
