XRP reads through the monetary lens. With no holder cash-flow accrual (mining fees go to miners), the cash-flow ratio does not apply — instead we survey the frames the market uses to justify this price, translated into traditional-finance or commodity terms, each with what it measures, where it has worked and failed, and its limit. Nothing here is a valuation, target, or recommendation.
XRP, read through the Monetary lens. There is no staking (not PoS) and the fee burn is tiny — a fact, not a 'deflation' story. Cash-flow ratios are N/A; we show total supply and cumulative fee burn. NVT/MVRV are not available from no-signup sources, so they are not shown.
Macro backdrop for BTC as a macro asset — rates, liquidity, and alternative assets. Keyless public-domain sources only (US Treasury · NY Fed · World Bank), cached and shown with source + date.
On-chain owned coverage