XRP had an average unrealized return of minus 11.75% for coins active during the past year, according to Santiment’s Sept. 23 comparison of five crypto tokens. Dogecoin posted a deeper average loss of 19.26%, while Bitcoin, ether and chainlink recorded small gains. Santiment calculated the figures using 365-day market value to realized value (MVRV), which compares the current value of recently active coins with their acquisition value. XRP’s reading remained negative even after the token rose above $1.60 on Sept. 22, when Santiment recorded 1,917 large transactions and 3,647 new wallets. The firm said persistent losses could provide a favorable setup if demand improves, while noting that negative MVRV measures paper losses rather than predicting a price increase. Santiment’s 30-day XRP MVRV was about minus 47% in May, but that measure covered a different group of coins and cannot be directly compared with the September 365-day figure. XRP was down about 27% for the year by Sept. 1, helping explain how its price could rebound while the average acquisition value of recently active coins remained above the market price.