XRP fell below $1.185 on Nov 6, its lowest level since the August 22 crash, as the wider crypto market sold off. The token lost 9.5% in 24 hours, the weakest showing among the 30 largest altcoins, while XRP ETFs saw almost no demand at the start of November.
XRP dropped below $1.185 for the first time since the August 22 crash. Just 36 hours earlier, the token had jumped to $1.35 alongside the rest of the market. The rally did not hold.
A failed push above resistance
Analyst Ali Martinez had predicted that a close above the $1.28 resistance could open the door to major price gains. However, XRP met rejection at that level. It then lost the $1.30 support and the $1.20 level before sliding under $1.185.
CryptoPotato calls the market-wide collapse the most evident reason for the drop. Bitcoin was rejected at $81,000 and fell to $75,000, and most altcoins followed.
XRP lags the largest altcoins
Even so, XRP fared worse than its peers. It was the poorest performer among the 30 largest altcoins, with a 9.5% decline over 24 hours. Its market cap fell to $75 billion, widening the gap with BNB at $90 billion, despite the recent major hack against Binance.
CryptoPotato also points to ETF activity, or the lack of it, as something that could have driven XRP lower or kept it from rebounding. The funds were among the few in the green in October, but they started November with little to no demand. Monday was a minor red day, and Tuesday, Wednesday and Thursday saw no action, according to SoSoValue data.
On-chain data points the other way
Martinez's later post on X leaned more bullish. He said that over 13 million tokens were withdrawn from exchanges, which in theory reduces the supply immediately available to sell. He also said whale holdings grew by 60 million coins within a week, and that both metrics "point to growing interest from large holders."
Source: CryptoPotato
Trading involves risk.
Risk Disclaimer
