Summary
- XRP fell to $1.08, its lowest level since August, and concerns are growing over further declines.
- On prediction market Polymarket, the odds of XRP reaching $1 by the end of November are priced at 49%, while the probability of a drop to $0.80 stands at 6.9%.
- The RSI has fallen to about 28, entering oversold territory, and despite a slowdown in XRP ETF inflows, the number of large wallets holding more than 1 million XRP climbed to the highest level this year.
Forecast Trend Report by Period
XRP fell to $1.08, its lowest level since August. Prediction markets are placing the odds of the token dropping to $1 this month at nearly 50%.
Crypto news outlet News.Bitcoin.com reported on Nov. 9 that XRP dropped as low as $1.08 in intraday trading. It was down about 6.7% over the past 24 hours, with its market capitalization estimated at about $70 billion.
XRP began falling from around $1.55 in early October and slid to about $1.17 on Nov. 7. It has since broken below the $1.10 support level, adding to concerns about further declines.
On prediction market Polymarket, the odds of XRP reaching $1 by the end of November are priced at 49%. The probability of a drop to $0.80 stands at 6.9%.
Technical indicators also point to weakness. XRP's 14-day relative strength index, or RSI, has fallen to about 28. An RSI reading below 30 is generally interpreted as a sign that an asset is oversold.
Inflows into spot XRP exchange-traded funds have also slowed. There were no net inflows from Nov. 3 through Nov. 6, and October net inflows fell to $18.8 million from $121.4 million in September. Total net assets for the ETFs stand at about $1.34 billion, equivalent to 1.82% of XRP's total market capitalization.
Still, the number of large-holder wallets has increased. Wallets holding at least 1 million XRP rose to 2,147 last week, the highest level this year.
Minseung Kang
