XRP hovered close to $1.15 on November 8, extending a weeklong slide that has seen the token lose 7% as buyers face challenges stabilizing its price after a failed recovery attempt toward $1.35 earlier this month.
Support struggles and recent price action
The cryptocurrency maintained a tight trading range between $1.15 and $1.17 over the past 24 hours, with total trading volume reaching about $843 million. On a monthly basis, XRP has declined more than 16%, and market observers remain focused on whether the current support region can contain further losses toward $1.10.
XRP’s weakness accelerated following a sharp selloff on November 6 when it dropped below $1.20, failing to hold its earlier attempted rebound. This downturn has kept sentiment subdued, with traders monitoring key levels for potential signs of stabilization.
The immediate technical structure is negative, as XRP trades below multiple key moving averages and struggles to recover lost support zones. The $1.15 level has proven significant, representing a recent low near $1.1485 during November 7’s session.
According to technical pivot points, the next notable support levels are $1.1484, $1.1329, and $1.1157. A persistent break below $1.15 would expose XRP to additional downside risk toward $1.13 and then the psychologically important $1.10 mark.
The daily relative strength index recently approached 31, signaling weakening momentum and nearing the oversold level often watched by traders as a potential precursor to price reversals.
Despite approaching oversold conditions, analysts caution that such readings do not ensure an immediate rebound, especially given the broader negative sentiment across risk assets.
To initiate a bullish reversal, XRP would need to reclaim the $1.17 to $1.18 band, followed by the former $1.20 support. Sustained movement above $1.20 could redirect attention to the $1.25 region.
XRP ETF inflows and market outlook
Institutional investment through spot XRP exchange-traded funds has not provided immediate support amid this decline. Preliminary data shows US spot XRP ETFs registered zero net inflows on November 6. Net assets in these trackers stand around $1.34 billion, while cumulative inflows since their launch total approximately $1.81 billion.
While these figures underscore the substantial historical demand from institutional investors, the slowing pace of recent inflows suggests limited short-term support for the price. In addition, whale transfers observed earlier this week prompted concerns about potential exchange selling, though analysts note these moves do not conclusively establish that large holders are exiting current positions.
Meanwhile, recent whale deposits have contributed to speculation about selling pressure, but such activity does not confirm that major holders are selling now.
The upcoming market catalyst is scheduled for November 10, when the Bureau of Labor Statistics releases the October Consumer Price Index. Friday’s strong jobs report has heightened expectations for another Federal Reserve rate hike, which has weighed on risk-focused assets including cryptocurrencies.
A higher-than-expected inflation reading could further reinforce rate hike expectations, likely weakening demand for assets such as XRP. Conversely, softer inflation data could offer temporary relief, though it would not necessarily trigger a direct price recovery for the token.
Ongoing development on the XRP Ledger also continues, but potential new lending functionality has yet to garner enough community support for activation and has not acted as a clear catalyst for near-term price momentum.
With renewed volatility and shifting ETF flows dominating XRP’s short-term outlook, investors seeking to monitor price swings and institutional activity in real time may benefit from CryptoAppsy’s live news monitoring and customizable price alerts. These features allow users to track significant ETF developments and respond promptly to emerging price trends tied to major market events.
