XRP price traded near $1.16 on November 7 after falling sharply from an early October level near $1.55. The decline, roughly 25%, has coincided with leveraged liquidations and weaker market sentiment, while analysts identify several possible support levels.
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The token slipped below the $1.21 area during the latest selloff, adding pressure to an already weak weekly chart. Analyst ChartNerd identified a demand zone between $1.16 and $1.04, while Ali Martinez pointed to a lower boundary near $0.99.
Other traders see room for stabilization. Dark Defender said the broader technical structure remained intact, with $1.12 serving as a level that buyers need to defend.
Why XRP Price Faced More Selling Pressure
XRP price is trading at around $1.17, falling drastically from the previously recorded values. According to reports from sources such as the CoinGlass website, more than $10 million of leveraged long positions had been liquidated.
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The open interest indicator dropped by 12.36%. This metric measures the number of open futures contracts. The reason behind the decline can be associated with the exit of traders from their positions and liquidations.
Below the level of $1.21 was another factor that made traders feel disappointed, as it meant that there were no chances for support within a short period of time. At the same time, the XRP price was below the indicated level on November 7, with traders waiting to see whether the demand will arrive around $1.16.
Where XRP Price Could Find Support
As per analyst ChartNerd, the token had broken below a support floor that lasted for 10 weeks. The token was seen between the buying zone of $1.16 to $1.04.
According to the same analysis, there was a double top pattern at previous yearly highs. In addition, the XRP price continued to trade below the 20-week and 50-week moving averages. This was seen by the analyst as an indicator that the correction process was ongoing.
$1.34 was mentioned as a level that could turn around the technical situation in case the XRP price managed to break back above. This was going to be a tough feat to achieve.
Ali Martinez had a more pessimistic view. As per his prediction, the XRP price had moved out of the midpoint of the trading channel, and its bottom end was now at $0.99.
Why $1.12 Matters to the XRP Price Outlook
Dark Defender has another perspective on the analysis of Nov 6. This time, the trader argued that the $1.12 level had been a resistance zone in July and August and now should defend as support.
Both $1.21 and $1.12 have been recognized as supportive zones by the analyst previously. The higher price level of XRP still makes such a perspective possible, even though the failure may undermine it.
These perspectives represent different scenarios related to the nearby levels. ChartNerd monitors the zone of 1.04-1.16, Dark Defender is concerned about $1.12, while Martinez worries about the drop to $0.99.
What XRP ETF Flows Show About Demand
XRP ETFs had collected roughly $1.81 billion in cumulative net inflows, ETF flow tracker data indicated. There were only net outflows of a modest size on November 2, followed by almost no net activity in multiple trading sessions since.
The outlook for XRP, therefore, will depend on how the market reacts to the detected support levels. Holding may help stabilize the market, while more losses will ensure that lower technical levels remain under consideration.
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This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Arslan Tabish is a Technical Reporter and Market Analyst at Tron Weekly with over five years of experience covering cryptocurrency markets and blockchain developments. His reporting focuses on Bitcoin, Ethereum, altcoins, and decentralized finance, alongside NFTs, crypto regulation, policy, and Web3 innovations.
Arslan covers blockchain technology, Layer 2 scaling solutions, and emerging use cases, including AI-driven crypto applications, while delivering clear market analysis on how technical and regulatory developments impact digital asset markets. His work is designed for both beginners and experienced readers, offering accurate, easy-to-understand reporting without speculation or investment guidance.
