XRP Price Falls to Multi-Week Low, Dip Buyer Conviction Low
Ripple (XRP) price fell 2.37% to a multi-week low of $1.17 on Saturday, underperforming a flat Bitcoin and driven mainly by a cascade of leveraged long liquidations that amplified a broader risk-off move.
The decline was reinforced by a technical breakdown below the $1.20–$1.21 support zone.
Derivatives unwind amplified the downturn, with over $23 million in XRP long positions liquidated, forcing sales and accelerating the drop.
XRP’s open interest plunged 12.36% as the market forcibly closed leveraged long positions worth over $23 million. This created a feedback loop: falling prices triggered more liquidations, adding concentrated selling pressure.
Speculative leverage, not just organic selling, exacerbated the move. A rapid reduction in open interest often signals a flush-out of weak hands.
Stabilisation in open interest and funding rates will indicate whether forced selling has subsided. The drop coincided with a sharp sell-off in U.S. technology stocks and a stronger October jobs report, which raised expectations for a Federal Reserve rate hike in December.
This macro shift triggered a broad crypto liquidation event exceeding $1 billion. XRP acted as a high-beta asset in a risk-averse environment, falling more sharply than the overall market. The data identified no coin-specific negative news.
Shifts in traditional market sentiment and key economic data releases influence expectations for Fed policy. Technically, XRP broke key support at $1.20–$1.21. The immediate zone to watch is $1.10–$1.15, which aligns with the 78.6% Fibonacci retracement level.
If this area holds, a period of stabilisation is likely. The next major resistance is the former support, now turned resistance, around $1.21–$1.22.
The trend is bearish in the short term, but oversold conditions (RSI at 33.13) could lead to a tactical bounce if broader market selling abates.
A daily close below $1.10 would open the path toward $1.00. Conversely, a reclaim of $1.22 would be the first sign of potential recovery strength.
A macro-driven liquidation cascade and a local technical breakdown have pushed XRP lower. While oversold, the path of least resistance remains down until key support is defended.
