XRP slipped below $1.20 on Nov. 6, leaving its daily and weekly charts under pressure. Analyst Alex Marzell calls $1.20 the pivot between a rebound and further losses, while Ali Charts points to a possible inverse head-and-shoulders bottom that is not yet confirmed.
XRP slipped below $1.20 on Nov. 6, even as analysts pointed to accumulation by large holders. The daily chart showed the token at $1.1936 at press time, with the session's low at $1.1740.
XRP gives back its recovery toward $1.30
The drop follows a rebound that briefly returned XRP above $1.30. The token traded near $1.31 on Nov. 5 while analysts reported growing holdings among whales.
Ali Martinez estimated that whales had accumulated approximately 60 million XRP over the preceding week. Santiment separately reported that 2,147 wallets held at least 1 million XRP, its highest recorded count of 2026.
Yet price has not followed. XRP had traded near $1.25 earlier in the week despite 7,934 new XRP wallets created on Nov. 1, according to Santiment figures.
According to Marzell, writing in a Nov. 6 post: "$1.20 is the level that decides it now." His recovery scenario requires XRP to reclaim $1.20, which brings $1.22 back into view. Continued rejection leaves $1.16 as his next downside reference, followed by $1.14.
Moving averages cap the recovery near $1.26–$1.29
On the daily chart, XRP sits below its 20-day simple moving average at $1.2855 and its 200-day SMA at $1.2720. The 100-day SMA stands at $1.3124, while the 50-day SMA is higher at $1.3828.
Weekly momentum is also soft. The weekly RSI reads 42.84, below its displayed average of 47.98 but above the conventional oversold threshold of 30.
Sentiment sours while a bottoming thesis stays unconfirmed
Ali Charts said XRP's social sentiment had dropped to its lowest level since July. He described a potential inverse head-and-shoulders bottom that he believed the crowd had not recognized.
His earlier Nov. 5 analysis identified a possible right shoulder and a neckline near $1.60. He placed $2.10 in focus only if XRP broke above that neckline and confirmed the pattern.
Source: crypto.news
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