XRP Closes at a 30-Day Low: Can It Hold the $1.12 Floor?

XRP trades near $1.16. The token is down about 7% over the past 7 days.

Its close on 7 November was the lowest in 30 days. The price sits between a floor at $1.12 and a ceiling at $1.18. A floor is a price where falls have stopped before, and a ceiling is a price where rises have stopped before.

The price closed at its lowest in a month. Source: Binance XRP/USDT daily prices, to the 7 November daily close, computed by www.altcoinbuzz.io.

The Move Down Came on Thin Volume

On 7 November the price was down about 1.3%. Trading on Binance that day came to $75.2 million, about 30% below its 20-day average.

XRP's fall was set off by a Wall Street sell-off that spread to the whole crypto market overnight, CryptoTicker reported. It came with no comparable event at Ripple or on the XRP Ledger.

Spot XRP ETFs recorded zero net flows on November 3, 4, 5 and 6, 247wallst.com reported. The funds' net assets shrank over those days.

Open interest, the value of futures contracts still open, stood at $387 million on Binance futures. It is up about 16% over 7 days and down about 6% since 10 October.

Where the Fall Meets the $1.12 Floor

The 6 November close broke below $1.20, the last dip the price turned up from, on 30 October. The nearest level below is the $1.12 floor, about 4% under the price.

That floor has turned the price 3 times since early February, with its last turn on 4 July.

A Close Above $1.18 or Below $1.12

The $1.18 ceiling sits about 2% above the price. A daily close is the last price of the day.

A daily close above $1.18 would put the next level on that side at $1.28, about 10% above. A daily close below $1.12 would put the next level on that side at $1.05, about 9% below.

The price sits about 4% above its $1.12 floor. Source: Binance XRP/USDT daily prices, to the 7 November daily close, computed by www.altcoinbuzz.io.

XRP trades between the $1.18 ceiling over it and the $1.12 floor under it. A daily close at either level would settle the next step on that side.