XRP Lost 7% as Investors Take Quick Profits in Altcoins
Ripple (XRP) price is down 6.95% in 24 hours to $1.23 on Thursday, underperforming a broader market decline and driven mainly by a sector-wide altcoin retreat.
The price move reflects a broad altcoin sell-off, with capital rotating out of riskier assets, as shown by a sharp drop in the Altcoin Season Index.
The drop aligns with a broad risk-off move across crypto. The Altcoin Season Index fell 23.73% in 24h to 45, signalling capital rotating away from altcoins like XRP and back toward Bitcoin.
This sector weakness amplified XRP’s decline beyond the general market slump. XRP’s move wasn’t isolated; crypto analysts say it was part of a broader altcoin de-risking trend.
XRP broke below the key $1.25 support level, a zone where buyers had previously stepped in. A 19.60% increase in trading volume to $2.49 billion confirmed the breakdown.
Momentum is weak, with the RSI at 37.25 indicating oversold conditions, but not yet signalling a reversal. The break of a major support level triggered further selling, pushing the price lower.
A reclaim of the $1.25 level to invalidate the bearish breakdown.
The immediate catalyst to watch is the next 1 billion XRP escrow release, scheduled for eligibility on November 1. If those tokens enter circulation, it could add selling pressure. The key support is now $1.20; holding above it could lead to range-bound trading between $1.20 and $1.30. A failure to hold $1.20 opens the path toward the next major support zone around $1.10.
The trend is bearish below $1.25, but oversold conditions suggest near-term consolidation if selling abates. Traders said price action around the $1.20 level and on-chain data following the November 1 escrow event could reverse the downtrend.
A potent mix of sector-wide altcoin outflows and a critical technical breakdown drove XRP’s decline. Traders are watching whether buying pressure can defend the $1.20 support in the next 24-48 hours, especially with the looming escrow release. NVDAB Rises as Investors React to Nvidia’s Meta AI Investment
