XRP is hovering at the $1 line, a level that has become the token's most closely watched psychological support, after two consecutive sessions of redemptions from US spot XRP exchange-traded funds and a fresh leg lower in Bitcoin pushed the broader digital asset market deeper into a defensive posture.
The token changed hands in a roughly $1.00 to $1.02 band on Friday, with some market data showing an intraday dip to about $0.9967, according to CoinMarketCap. The move extends a slide that already took XRP below $1.15 earlier in November and briefly toward $1.09.
ETF redemptions cool institutional demand
Fund-flow data covering November 9 and 10 showed combined net outflows of about $18 million from US spot XRP ETFs, split between roughly $10.4 million on the first day and $7.6 million the next. Bitwise accounted for a large share of the initial selling, sharpening concern that short-term institutional appetite has cooled.
The withdrawals sit against a much larger cumulative base. Net inflows into the products still total approximately $1.7 billion under one tracking methodology, which means the latest redemptions represent only a sliver of the money that has entered since launch. Fund-flow analysts have made that point, while also noting that accumulated holdings do not by themselves generate fresh buying.
That distinction matters. Earlier estimates of unrealized losses on XRP ETF positions suggest many investors bought at considerably higher prices, a pattern that tends to suppress new demand until price action improves. Ripple's continued build-out of banking and custody services has not been enough to offset the shift in flows.
Note: Downside zones are conditional scenarios cited by market analysts, not predetermined price targets.
Bitcoin's break below $70,000 adds pressure
Bitcoin traded near $69,000 on Friday after losing the $72,000 support level that had held earlier in the month. The breakdown set off liquidations of leveraged positions and broad selling across major tokens, with XRP among those caught in the downdraft.
Macro conditions have compounded the move. Stronger-than-expected US inflation data has raised expectations of additional tightening by the Federal Reserve, and a rising-rate, stronger-dollar backdrop typically weighs on speculative assets. XRP has tracked the wider market's direction, though its losses have varied session to session relative to Bitcoin's.
Blockchain data has also shown large transfers between whale wallets and exchanges, a sign of elevated trading activity. Analysts caution that exchange deposits alone do not prove that large holders are selling at current prices.
Why XRP is underperforming its peers
The scale of XRP's decline has stood out. Crypto analyst EGRAG Crypto, in a November 10 post on X, calculated that XRP had fallen 23.4% since November 4, compared with 18.2% for Ether and 17% for Solana, while Bitcoin lost 10.4%.
The analyst attached rough probabilities to three possible explanations rather than treating any as established fact. Forced liquidations of leveraged long positions and weak buying demand were assigned a 30% chance. Profit-taking by long-time holders rotating capital into other tokens was given 20%. The largest weight, 50%, went to what the analyst described as market manipulation or a deliberate liquidity hunt aimed at triggering stop-loss orders and shaking out weaker hands.
"The ongoing price action looks more like a shakeout than a fundamental re-rating," EGRAG Crypto wrote, framing the question as whether deep-pocketed holders are absorbing supply during the downturn or adding to it. The analyst identified $1.00 to $1.04 as a stabilization zone, with a reclaim of $1.15 needed before bulls could target $1.25.
Levels to watch
For now, $1 is the line in the sand. A sustained break below it would expose the $0.98 to $0.985 region, with $0.95 coming into focus if selling accelerates. On the other side, defending $1 and climbing back above $1.05 would be an early sign of stabilization, though buyers would still need to clear $1.10 to $1.12 and then the former $1.15 support area.
The immediate risk for holders is that the two forces now pressing on the token reinforce each other: continued ETF redemptions remove a source of demand, while a Bitcoin market that cannot hold $70,000 keeps pressure on sentiment across the asset class. Whether whales step in to absorb supply, or keep distributing into weakness, is likely to determine which of those scenarios plays out first.
