The cryptocurrency market continues to struggle as major altcoins, including XRP, Hyperliquid (HYPE), and Stellar (XLM), face persistent selling pressure and declining prices. Over the past 24 hours, top altcoins lost an average of 5%, failing to sustain the brief recovery attempt seen the previous day. Market sentiment remains cautious as key support levels are repeatedly tested but not decisively broken.
XRP Faces Further Liquidation and Ledger Update
XRP has extended its decline, now firmly entrenched in a longer-term downtrend. During a recent move, the price broke through the important $1.2 psychological level and now trades around $1.2, according to current technical analysis.
On November 5, data showed that more than $12 million worth of XRP long positions were liquidated. While not a critical figure, this wave of forced selling highlights the influx of leveraged buying that quickly reversed course.
The XRP Ledger has implemented the fixCleanup3_4_0 amendment to eliminate a previously undisclosed exploit. This vulnerability allowed authorized accounts to mint an issuer’s tokens under limited conditions, though the main XRP supply was not impacted, and no illicit activity was detected.
XRP’s longer-term trend remains downward, with the possibility of a temporary bounce toward $1.25 before renewed weakness.
Technical indicators reflect ongoing bearishness. An EMA cross between the 50-day and 100-day moving averages signals an acceleration of the downward momentum. Market activity points mainly to speculative trading, as increased on-chain activity appears to be driven by bots and advanced automated strategies rather than fundamental adoption.
Trading volume on the recent move toward the 21-day EMA suggested a chance for improved conditions, but subdued activity heading into the weekend eventually undermined any bullish momentum.
With the market mostly reacting to speculative flows, monitoring rapid moves in $XRP has become a challenge for traders. Real-time price alerts and tailored news feeds, such as those on CryptoAppsy, offer a way to react quickly to major liquidations and technical signals that could influence short-term price swings.
Hyperliquid Dips Below $80 Despite Regulatory Strategy
Hyperliquid’s HYPE token dropped nearly 9% and currently trades below $80 after the platform’s application to register as a US futures commission merchant. If approved, Hyperliquid would be able to provide direct access for US clients to its perpetual derivatives products. The price is balancing near its 100-day EMA, which has been temporarily breached.
From a technical perspective, the $77 level has acted as recent support, but analysts see limited probability for it to hold under continued selling. The broader trend remains bearish, as confirmed by momentum indicators such as the RSI approaching the 40 zone and climbing trading volume during downtrends.
The next major support for Hyperliquid lies at the 200-day EMA and $68, while resistance stands at $84 and $89—levels that could mark the beginning of a recovery if breached.
Fundamentally, Hyperliquid reported a net income of $620 million for the quarter, including $803 million in unrealized HYPE gains. Recently, the platform formed a separate ICE-Trade agreement, details of which have been filed with the SEC. Despite these positive developments, the technical picture remains challenging, with market structure favoring further downside unless strong buying support emerges.
Stellar’s Bearish Outlook and Technical Challenges
Stellar (XLM) has fallen towards $0.157 and faces the risk of further losses if the $0.15 support is breached. Technical signals, including a death cross at the end of October and accelerating moving average divergence, reinforce the bearish scenario. Any break below the $1.5 level may prompt accelerated declines, though a significant fall to $1 is deemed unlikely unless market conditions deteriorate sharply.
Recent trading activity in XLM included a spike in long liquidations exceeding 500,000 tokens, but this had a limited impact due to high on-exchange volumes. The RSI has dropped to around 30, indicating a locally oversold state; however, downward pressure could persist under current market conditions.
Stellar’s latest network enhancement, known as Bell (Protocol 30), introduces post-quantum signature verification and millisecond ledger timestamps. The protocol went live on testnet on November 3, while the mainnet validator vote is scheduled for November 23 at 17:00 UTC. This upgrade could improve long-term fundamentals but has not yet altered short-term price trends.
