XRP traded near $1.1 on 9 November. It sat on its $1.12 floor. A floor is a price where falls have stopped before.
The 9 November close was the lowest in 30 days. It was down about 12% over the past 7 days. The decline was far larger than its usual daily swings would add up to over the same window.
The price closed at its lowest in a month. Source: Binance XRP/USDT daily prices, to the 9 November daily close, computed by www.altcoinbuzz.io.
XRP Falls About 12% in a Week
XRP was down about 11% in the week of 2 November. Trading on Binance on 9 November came to $156 million. That is about 50% above its 20-day average.
Open interest, the value of futures contracts still open, was $350 million on Binance futures. It was down about 11% over 7 days. It was also down about 15% since 12 October.
The relative strength index (RSI) is a 0 to 100 score of how strongly the price has risen or fallen lately. It was at 26, below the 30 line, where a fall is often read as going too fast.
The fall came after nearly $40 million in leveraged long positions were liquidated on 8 November. That forced selling pressure. The drop came from falling demand that surfaced in early November. Spot XRP ETFs reported zero net flows for several days in early November.
The $1.12 Floor Has Turned the Price Before
The $1.12 floor has turned the price 3 times. That history goes back to early February, with the last turn on 4 July. That floor sits right at the price now. The next level below is $1.05, about 4% below.
XRP’s Next Levels Above and Below
A daily close is the last price of the day. The $1.18 level is about 8% above the price. A daily close above it would put the next level at $1.28 in view. That level is about 16% above.
A daily close below $1.12 would put the $1.05 level in view.
The price sits right on its $1.12 floor. Source: Binance XRP/USDT daily prices, to the 9 November daily close, computed by www.altcoinbuzz.io.
A daily close above $1.18 or below $1.12 would set the next level in each direction.