XRP, Channel Breakout Warning...Target Price '0.99 dollars' Looms

▲ XRP/AI Generated Image

XRP has fallen 17.4% over the past 30 days and broken out of its channel, with a November downside target of $0.99 being discussed.

According to crypto media outlet Coingape on November 7 (local time), XRP fell from above $1.4 and failed to attract new demand sufficient to reclaim nearby resistance, even as Bitcoin (BTC) stabilized around $76,000. The trigger for the decline was the US midterm elections on November 3. A brief rebound turned into a sell-off. On November 5, the Nasdaq Composite Index plunged 5.5%, Bitcoin was pushed towards $76,000, and XRP fell approximately 5.5% in 24 hours. Concerns about AI investment and obstacles to data center expansion weighed on sentiment. Over $1 billion in crypto derivatives positions were liquidated, most of which were bullish bets. If Bitcoin's weakness continues, it will be difficult for XRP to form a solid bottom.

Institutional demand also weakened. The US XRP spot ETF saw a net outflow of approximately $529,500 from November 2-6. All of the money left on Monday, and there was no net inflow for the subsequent four days. Net inflows in October decreased to $18.8 million from $121.4 million in September. The combined net assets at the end of the week were approximately $1.34 billion.

Technically, the daily Relative Strength Index (RSI) was 29 on November 7, indicating a bearish trend. Both the Moving Average Convergence Divergence (MACD) and its histogram are also negative, suggesting continued downward momentum. The immediate zone to watch is $1.15-$1.14. If the closing price continues to form below this, the risk of falling to the monthly support pivot of $1.12, calculated from exchange price data, increases. If this line breaks, $1.1 will be the next checkpoint. If the bearish trend continues further, $1-$0.99 is being discussed, and the second monthly support pivot is around $0.981, just below $1. Buyers must first reclaim $1.2-$1.22. Stronger improvement will emerge when trading continues above the 20-period daily Exponential Moving Average, around $1.27, specifically $1.25-$1.27.

[Article Key Summary]

-XRP has fallen 17.4% in the last 30 days, dropped from above $1.4, broke out of its channel, with $0.99 being discussed, and fell approximately 5.5% in 24 hours on November 5.

-The US XRP spot ETF saw a net outflow of $529,500 from November 2-6, and October's net inflow of $18.8 million was less than September's $121.4 million, with net assets totaling approximately $1.34 billion.

-Support levels are $1.15-$1.14, $1.12, $1.1, and $1-$0.99, while recovery requires reclaiming $1.2-$1.22 and $1.25-$1.27.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*