XRP Sits on $1.12 Floor: Can It Turn the Price Again?

XRP trades near $1.11, right on its $1.12 floor. A floor is a price where falls have stopped before. The token fell about 4% on 8 November.

The 8 November close was the lowest in 30 days. The price is now testing the $1.12 floor again.

The $1.12 Floor Has Turned XRP Three Times

The $1.12 floor has turned the price 3 times since early February. Its most recent turn came on 4 July. The price now sits right on the floor, not a step above or below it.

XRP is down about 20% over the past 30 days to reach it. On 6 November, the close fell below $1.20. That low had turned the price up on 30 October.

The level above, $1.18, is about 6% above the price.

The price sits right on its $1.12 floor. Source: Binance XRP/USDT daily prices, to the 8 November daily close, computed by www.altcoinbuzz.io.

What Trading Adds at the $1.12 Floor

Trading on Binance on 8 November came to $109 million. That is close to its 20-day average for the pair.

The relative strength index is a 0 to 100 score of how strongly the price has risen or fallen lately, and it sits at 28. Below 30 is often read as a fall that went too fast.

On Binance futures, buyers paid about 20% below the past week's average rate to keep their positions open. That funding rate is what one side pays the other to keep a position open, and positive means buyers pay.

A Daily Close at $1.12 or $1.18

A daily close is simply the last price of the day. A daily close above $1.18 would put the next level at $1.28. That level sits about 15% above the price.

A daily close below $1.12 would put the next level at $1.05. That level sits about 6% below the price.

A daily close below $1.12 or above $1.18 would settle the test. Source: Binance XRP/USDT daily prices, to the 8 November daily close, computed by www.altcoinbuzz.io.

The next daily close above $1.18 or below $1.12 would show which of the two levels the price has left behind.