Crypto markets continued to face downward pressure this week as XRP, Near Protocol (NEAR), Hyperliquid (HYPE), and Stellar (XLM) each saw their prices test significant support zones. The slump has challenged bullish sentiment, with several assets moving decisively below important moving averages and buyers struggling to regain momentum.
XRP struggles below $1.10, support under threat
XRP, the token native to Ripple’s payment network, is currently trading at $1.096, having registered another considerable drop. The asset remains below its key moving averages, with analysts identifying the $1 level as a major psychological and technical test for buyers. Higher lows and efforts to establish a fundamental catalyst are being treated as immediate priorities.
XRP’s recent attempt to recover toward $1.34 faltered, and prices slid back toward the support zone where buyers had previously managed to halt declines over the summer. Since the reversal from $1.34, XRP has fallen about 18% and has surrendered recent recovery gains.
Analysts are watching support at $1.075, which aligns with the latest session low, followed by zones at $1.03–$1.05 and the $0.99–$1.00 band for further potential downside. If XRP dips below these levels, pressure could intensify, targeting the summer lows.
Despite being in oversold territory as indicated by a Relative Strength Index (RSI) below 30, bullish participation remains limited. An amendment to the XRP Ledger, known as fixCleanup3_4_0, was activated on November 4, addressing a specific exploit that allowed certain accounts to mint new tokens. This update has not altered the circulating supply of XRP but is not anticipated to impact price recovery in the short term.
If buyers manage to regain strength, a rebound toward $1.15 and $1.20 would be necessary, while a definitive upside reversal would require movement back above the $1.30–$1.35 zone, near major moving averages.
XRP is trading below major moving averages, with sellers remaining in control. The next focus is on whether buyers can defend the $1 support level and generate enough volume for a meaningful rebound.
NEAR enters correction, volume and institutional activity monitored
Near Protocol (NEAR), a blockchain platform designed for decentralized applications, faced renewed selling pressure as it began November after erasing most of its gains from September. NEAR briefly reached $6 in October before falling precipitously to $3.66 by November 9, a decline of nearly 39% from its local top.
The token’s trading activity has also contracted; volumes are currently well below the spikes seen during September’s rally. While this might indicate diminished seller activity, NEAR continues to post lower highs and remains under its short-term moving averages. A clear bullish catalyst has yet to emerge.
Bitwise, an asset management firm specializing in crypto ETFs, launched a spot NEAR ETF on September 29. The fund reported holdings of around 15.69 million NEAR, valued at $58.21 million as of November 5, with 99% of assets staked. Analysts, however, doubt whether this degree of institutional exposure can currently drive a recovery in price.
Mini dictionary: Bitwise is a US-based crypto asset management company known for launching cryptocurrency index funds and ETFs targeted at both retail and institutional investors.
| Asset | Recent High | Current Support | Drawdown |
|---|---|---|---|
| XRP | $1.34 | $1.075 – $1.00 | 18% |
| NEAR | $6.00 | $3.66 | 39% |
| XLM | $0.235 | $0.15 | 37% |
Hyperliquid and Stellar face downward momentum, upcoming XLM upgrade
Hyperliquid (HYPE), another token in focus, trades at $75 and continues its descent. Closest support is identified between $72 and $73, with $68 marking a longer-term moving average. Resistance lies near $78–$80. Technical signals including a negative netflow and an RSI reading around 40 suggest ongoing bearish momentum or possible sideways activity unless significant volume returns.
Stellar (XLM), the native asset of the open-source Stellar payment network, lost key psychological support at $0.15 and is down 37% from its September high of $0.235. The asset’s recovery from earlier this year has been nearly erased as it re-enters its previous accumulation range.
XLM currently trades below all major moving averages, and both volume and RSI suggest further room for seller pressure. Still, a brief dip in RSI below 30 may hint that XLM is moving into oversold territory, at least temporarily.
On the fundamentals side, the Bell Protocol upgrade number 30 stands out. The community will vote on this proposal on November 23. Planned features include muxed contract addresses to enable handling multiple users within one contract, post-quantum signature verification for enhanced security, and millisecond ledger timing aimed at improving the protocol’s future adaptability. While this does not immediately increase network speed, developers see it as a major step toward a more flexible Stellar environment.
Mini dictionary: Bell Protocol upgrade is a planned technical update for the Stellar blockchain, aiming to introduce advanced features like muxed addresses and faster ledger processing capabilities.
Stellar’s upgrade on November 23 could provide unique features, but analysts maintain that the downtrend and weak volume remain dominant factors influencing XLM’s price in the short term.
