$XRP falls 8.59% on November 6 and tests the USD $1.17 support
The pullback coincides with a risk-averse environment and deteriorating technical signals, although there is not enough data to attribute it to a specific network event or liquidations.
Over the past 24 hours, #xrp fell 8.59%, from an opening price of USD $1.30 to USD $1.19, after trading between USD $1.17 and USD $1.20 during the day. Volume of USD $2.86 billion was 41.11% above its 30-day average, and the volume-to-market-cap ratio reached 3.77%, compared with an average of 2.67%.
Recent coverage of tokenized assets on XRPL and the use of RLUSD underscores that demand for the token depends on concrete mechanisms for its use, liquidity, and the need for XRP—not just the growth of related products.
Recommendation: HOLD, with a defensive bias for existing positions and no aggressive long positions before confirmation. The methodology weighs five signals: trend relative to moving averages, MACD momentum, relative strength, volume activity, and respect for key levels. Three signals are unfavorable—the price is below all reported SMAs, the MACD is bearish, and volume is elevated during the pullback—while the RSI of 35.4 and stochastic of 12.1 provide a contrary signal of possible selling exhaustion, not confirmation of a reversal. The price’s proximity to the daily low keeps the risk of further declines in play.
For the short term, consider scaling into a position only after recovering USD $1.20 and confirming strength toward USD $1.24–$1.25; partial profit-taking could be set at those resistance levels, with an extension to USD $1.27–$1.31 depending on a breakout above them. The stop-loss should be triggered if a break below USD $1.17 is confirmed, without assuming the price will execute exactly at that level. If support gives way, the recommendation is not to chase buys and to wait for new observable reference points, since there is not enough data to identify a reliable lower support level.
The pullback coincides with a risk-averse environment and deteriorating technical signals, although there is not enough data to attribute it to a specific network event or liquidations.
Over the past 24 hours, #xrp fell 8.59%, from an opening price of USD $1.30 to USD $1.19, after trading between USD $1.17 and USD $1.20 during the day. Volume of USD $2.86 billion was 41.11% above its 30-day average, and the volume-to-market-cap ratio reached 3.77%, compared with an average of 2.67%.
Recent coverage of tokenized assets on XRPL and the use of RLUSD underscores that demand for the token depends on concrete mechanisms for its use, liquidity, and the need for XRP—not just the growth of related products.
Recommendation: HOLD, with a defensive bias for existing positions and no aggressive long positions before confirmation. The methodology weighs five signals: trend relative to moving averages, MACD momentum, relative strength, volume activity, and respect for key levels. Three signals are unfavorable—the price is below all reported SMAs, the MACD is bearish, and volume is elevated during the pullback—while the RSI of 35.4 and stochastic of 12.1 provide a contrary signal of possible selling exhaustion, not confirmation of a reversal. The price’s proximity to the daily low keeps the risk of further declines in play.
For the short term, consider scaling into a position only after recovering USD $1.20 and confirming strength toward USD $1.24–$1.25; partial profit-taking could be set at those resistance levels, with an extension to USD $1.27–$1.31 depending on a breakout above them. The stop-loss should be triggered if a break below USD $1.17 is confirmed, without assuming the price will execute exactly at that level. If support gives way, the recommendation is not to chase buys and to wait for new observable reference points, since there is not enough data to identify a reliable lower support level.
