0.67.
This is the latest Santiment statistic on the ratio of bullish to bearish comments about XRP on social media. It has hit a near one-month low.
What does this mean? On social platforms, for every 3 bullish comments about XRP, there are nearly 5 bearish ones.
On X, Telegram, and Reddit, sentiment has clearly shifted toward pessimism.
What is the community complaining about? They complain that although XRPL institutional adoption has made progress, the coin price remains stagnant. They complain that despite positive developments, the price is still hovering around $1.5.
Is there any reason to complain? Yes.
XRP has fallen from $3.65 in July 2025 to around $1.48 now, a drop of nearly 60%.
It rose 45% in Q3, with ETFs attracting over $300 million, but the price just can’t break through $1.70.
But if you only focus on sentiment and price, you will miss one thing.
/ Look at what’s happening on-chain.
As of October 1, Flare’s FXRP token has started running on Ethereum’s Morpho lending market.
XRP holders can swap XRP for FXRP, use it as collateral on Ethereum, and borrow Ripple’s stablecoin RLUSD.
Outstanding debt: about 7.18 million RLUSD. Corresponding collateral: about 10.76 million FXRP.
$7.18 million is not a large scale. The top three addresses hold 93% of the debt.
But the key is not the size of the numbers.
The key is that this is happening.
And it’s really happening—not a PPT, not a roadmap, but on-chain addresses borrowing, debts being repaid, and collateral locked in pools.
/ Here is a structural turning point that most people have overlooked.
Ripple President Monica Long said something at the Seoul XRP Seoul event that many people skimmed over.
She said: a credit pilot is underway, aiming to activate next year. It will allow XRP to be deposited into lending protocol liquidity pools as collateral to fund customers’ payment obligations.
She added: “Payments, credit, the XRP ledger, and lending protocols will be connected.”
Why is this sentence worth reading three times?
Because XRP has had a fatal flaw troubling holders for a decade, called the “speed problem.”
XRP was designed as a bridge asset for cross-border payments. Bank A converts USD to XRP, XRP crosses the network in seconds, Bank B converts it to JPY. XRP is held for three to five seconds.
Money flows, but the token is just passing through. No one needs to truly hold it.
Trader Peter Brandt called it a “fool coin” — there is a fundamental disconnect between network activity and token value.
The credit model is the first design that might cut this disconnect.
Under the collateral model, XRP is not just passing through; it is locked in pools for weeks or even months. For business to operate, XRP must stay there.
In the bridge model, XRP is like change at a toll booth. In the credit model, XRP is reserve funds in a bank vault.
Slowing down the speed locks in demand.
/ So the current picture is this.
The community is panicking.
The blueprint is advancing.
On-chain data is running.
Santiment itself said: extreme pessimism can sometimes be a contrarian signal. When bets on further declines keep increasing, selling pressure may have mostly been released.
I’m not telling you to “blindly bottom fish.” A $7.18 million debt scale is far from “broad adoption.” Three addresses hold 93%, showing concentration.
But a crack is forming between sentiment indicators and on-chain data.
On one side, social platforms are full of “XRP is useless again.”
On the other side, addresses are already using XRP to borrow RLUSD, and the lending market has been running for over a month.
The biggest expectation gaps are often when pricing is most inefficient.
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