XRP Sits on Its $1.052 Floor After a Week of Losses
XRP trades near $1.05 after falling about 20% in a week, and sits on a floor that has turned the price three times since early June.
By Pratik OswalChief Technical Analyst
XRP trades near $1.05, sitting on its $1.052 floor, a price where falls have stopped before.
The price is down about 20% over the past 7 days. That is far more than its usual daily swings would add up to across the same span of days.
The fall of recent days is far larger than the usual daily swings. Source: Binance XRP/USDT daily prices, to the 11 November daily close, computed by www.altcoinbuzz.io.
The Fall Is Bigger Than a Normal Week
On 11 November the price closed down about 0.4%. That close was the lowest in 30 days.
Trading on Binance that day came to $111 million. That is close to its 20-day average.
The relative strength index, a 0 to 100 score of how strongly the price has risen or fallen lately, sits at 23. A score below 30 is often read as a fall that went too fast.
US spot XRP ETFs recorded $10.42 million in net outflows on November 9, a withdrawal of capital that weighed on XRP, crypto.news reported.
Hotter-than-expected US inflation data pushed traders to price a Federal Reserve rate hike in December, cryptoticker.io reported.
Open interest on Binance futures, the value of contracts still open, was $316 million. It is down about 29% over 7 days.
The $1.052 Floor Has Stopped Three Falls
The floor sits at $1.052, right at the price now. It has turned the price 3 times since early June, and the last turn was 13 July.
The price sits right on its $1.052 floor. Source: Binance XRP/USDT daily prices, to the 11 November daily close, computed by www.altcoinbuzz.io.
What Closes Above $1.12 and Below $1.052 Would Settle
A daily close is the last price of the day. Above the price, $1.12 sits about 7% away.
Beyond it, $1.18 sits about 13% above the price now.
A daily close above $1.12 would leave $1.18 as the next level up.
Below, $0.999 sits about 5% below the price now.
A daily close below $1.052 would leave $0.999 as the next level down.
A daily close above $1.12 or below $1.052 would settle which side of the floor XRP is on. The price sits on the lower level now.
Pratik Oswal
An Electronics and Telecommunication Engineer with a strong foundation in analytical and quantitative thinking. I have authored seven books on Mathematics and have been actively involved in trading since 2012. Since 2017, I have been deeply engaged in the crypto ecosystem, gaining extensive experience across digital assets, markets, and emerging blockchain technologies. My background combines technical expertise, mathematical proficiency, and over a decade of hands-on experience in financial markets.
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