XRP (XRP) extended its losing streak to nine days in a row today, as the token briefly hit the $1 level for the first time since mid-August.
This remarkable downtrend, which started with the failed vote of the U.S. Clarity Act, has accelerated amid the continuous deterioration of the macroeconomic and political backdrop in this country.
Democrats’ victory in the mid-term elections brought back fears of persistent blockades for the crypto industry, as this party has always been hostile to the broad adoption of digital assets.
President Donald Trump’s ambitions to make America the “crypto capital of the world” may now be crippled by lawmakers from the other side of the aisle who now control both the House of Representatives and the Senate.
Meanwhile, this week’s hotter-than-expected inflation report prompted analysts to revisit their projections for interest rates. According to data from FedWatch, two-thirds of the market believes that the U.S. Federal Reserve could increase rates by as much as 50 basis points during its January meeting.
Net Inflows to XRP ETFs Swing to Negative Territory in November
All of this has depressed sentiment across the crypto market, as reflected by the Crypto Fear and Greed Index. This gauge is now sitting at 19, meaning that investors are in “Extreme Fear” mode.
Net inflows to exchange-traded funds (ETFs) linked to XRP remain quite depressed, booking their third consecutive month of a sustained downtrend. Data from SoSoValue shows that investors have withdrawn $19 million from these vehicles during these first 12 days of November.
If the month closes in red territory, this would be the first month of net outflows for XRP ETFs since March 2026. Moreover, we have seen long liquidations spike to high levels.
Data from CoinGlass shows that $30 million in long positions were wiped out on November 8, turning this into the 9th worst day for XRP bulls this year.
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XRP Could Drop Below $1 After a Brief Technical Rebound
Turning to the daily chart, we can see that XRP is temporarily bouncing off the $1 psychological support during today’s session. We emphasized in a recent XRP price prediction that there was a relevant order block sitting at exactly this level.
This increases the odds of a technical rebound for the token at a point when the Relative Strength Index (RSI) is already hitting oversold territory.
This is in line with the historical pattern seen in early June 2026, back when XRP’s daily RSI posted an extreme oversold print at 19, and went on to rise from $1.10 to $1.23 in just a few days.
However, the downtrend kept going after that, and XRP made several lower lows during the weeks that followed. In this case, we expect a rebound to $1.20 at best in the near term.
Nonetheless, the downtrend will likely keep going, and the likelihood of a break below $1 is high now, as the market may be getting ready to erase some, or all, of the gains that XRP saw following President Trump’s election in November 2024.
