Data from on-chain analytics firm Santiment shows that XRP’s weighted sentiment indicator has dropped to its lowest level since October 2025. The firm notes that cooling market discussions and an increase in negative comments have often preceded XRP’s previous strong rallies.
On Thursday, the metric dropped to -0.908, its lowest level this year. The metric combines the ratio of positive to negative discussions on social platforms and changes in the volume of related discussions. According to CoinDesk, XRP traded at $1.14 on Friday, up 2.3% on the day, but still significantly below the level of over $2.40 in January and approximately 69% lower than its peak last July.
Market discussions have clearly cooled down.
Santiment notes that the price pullback is just one of several signs. A more pronounced change is that traders' patience with XRP is waning. Years of expectations surrounding Ripple’s legal developments and institutional adoption have yet to translate into strong enough price performance, leading some investors to lower their expectations—or even disengage from the conversation.
The institution believes this "fatigue" resembles market conditions seen prior to past rallies: decreased discussion volume, overall negative sentiment in comments, and a corresponding decline in attention.
Positive developments continue to accumulate.
Despite weak market sentiment, policy and funding expectations surrounding XRP have not stalled. In May, the U.S. Senate Banking Committee advanced the Clarity Act. According to reports, the bill aims to classify XRP as a digital commodity and bring it under the regulatory framework of the U.S. Commodity Futures Trading Commission, while incorporating the agency’s related guidance issued in March into federal law.
Ripple CEO Brad Garlinghouse previously stated that this is a pivotal moment for the industry. According to Standard Chartered Bank’s forecast, if the relevant legislation passes, the U.S. spot XRP ETF could attract an additional $4 billion to $8 billion in inflows. SoSoValue data shows that such products have already attracted approximately $1.4 billion since January.
On-chain usage is diverging from price trends.
A similar divergence is also occurring on the XRP Ledger. The report notes that this year, the network set new highs in the number of payments, automated market-making activity, and the volume of tokenized real-world assets, yet the token price continues to weaken.
Pilot projects are also increasing. One such project, involving Ondo, JPMorgan’s Kinexys, Mastercard, and Ripple, settled tokenized U.S. Treasuries on the XRP Ledger, reducing settlement time to just seconds.
Santiment also notes that sentiment indicators are better suited for identifying whether the market is overly pessimistic, but they cannot directly determine when a turning point will occur. Whether XRP will experience a true reversal still depends on whether the long-awaited new demand can actually materialize.