XRP is facing a critical test as its price falls toward $1.10 after dropping from its October high of $1.55. The decline has erased more than 27% of its recent gains and weakened trader confidence, ETF demand, and leveraged positions. However, some well-known crypto analysts believe XRP could recover if it holds key support levels despite the growing negative sentiment.
Price Decline and Market Pressure
XRP price fell 2.37% in 24 hours to around $1.17, underperforming Bitcoin as leveraged long positions were forced out of the market. The drop below the $1.21 support level triggered further selling, forcing traders to close more than $10 million in leveraged long positions.
Open interest also dropped 12.36%, indicating fewer traders are keeping their positions open as prices become more volatile. Market sentiment has weakened too, with social sentiment falling to its lowest level since July.
Pressure is also visible in XRP ETF flows, which have slowed down. ETFs recorded inflows on only six days over the past month, while most other days saw outflows or no inflow. Still, cumulative net inflows remain at $1.81 billion.
Analysts Identify Key Support Zones
Despite the weak market, XRP is now approaching a key support zone that could decide its next move. Crypto analyst ChartNerd said XRP’s weekly chart remains weak after breaking below its 10-week support. The analyst sees $1.16–$1.04 as an important demand zone, warning that a drop below $1.16 could lead to further losses. However, a move back above $1.34 could improve the outlook.
Ali Martinez is taking a more contrarian view. He said XRP has broken below the middle of its trading channel, putting the lower boundary near $0.99 in focus as the next possible support. He also pointed to weak XRP trading volume and falling market share, saying a strong rally may be difficult until Bitcoin dominance starts to fall.
However, not all analysts see the same level of risk. Crypto trader Dark Defender said XRP’s long-term market structure remains intact despite the recent drop. He sees $1.12 as an important support level, noting that the level served as a ceiling during July and August and could now act as support as the price pulls back.
