XRP Slumps to $1.08 With No Buying Catalyst in Sight
Ripple (XRP) price is down 6% to $1.09 in 24 hours, underperforming a falling broader market, primarily driven by sustained profit-taking while corporate exit positions via ETF selloffs.
The move reveals a high-beta selloff amid a risk-off shift in traditional markets.
Traders said a wave of leveraged long liquidations triggered a self-reinforcing selloff. A report revealed over $1 billion in crypto liquidations within minutes, with XRP falling below $1.10.
This indicates a flush of over-leveraged long positions, creating a feedback loop of forced selling. XRP’s perpetual futures open interest fell 6.89% in the 24 hours through November 6, confirming deleveraging.
Traders said the drop was amplified by excessive speculative positioning, not a fundamental catalyst. A stabilisation in aggregate open interest and funding rates signals that selling pressure is exhausted.
The entire crypto market fell 2.04%, with Bitcoin down 1.6%. XRP’s larger decline shows it acted as a high-beta asset during a risk-off move driven by significant outflows from U.S. spot Bitcoin ETFs.
Technically, price broke below the crucial $1.12 support level identified by analysts, with volume surging 111% to confirm the breakdown. The selloff was part of a wider de-risking trend, but XRP’s weakness was exacerbated by its own fragile technical structure.
The immediate focus is the $1.09–$1.14 demand zone. If buyers defend this area, a bounce toward the next resistance at $1.18–$1.20 is plausible.
However, a daily close below $1.09 would open the path toward the $0.99–$1.03 August lows. The broader trend will depend on whether Bitcoin can reclaim $75,700 and stem ETF outflows.
The structure is bearish, but the deeply oversold RSI (27.6) suggests the potential for a short-term counter-trend move. The U.S. Consumer Price Index (CPI) release on November 10, which could influence macro sentiment and ETF flows.
The 24h drop was a symptom of excessive leverage unwinding within a weakening altcoin environment. While oversold conditions may invite a tactical bounce, the dominant trend remains down until key resistance levels are reclaimed.
