XRP Bears Take Control, But Analysts See a Possible Bottom

XRP is facing a critical test as its price falls toward $1.10 after dropping from its October high of $1.55. The decline has erased more than 27% of the token's recent gains and has weakened trader confidence, ETF demand, and leveraged positions across the market.

Despite the growing negative sentiment, several well-known crypto analysts believe $XRP could still recover if it manages to hold key support levels. The pullback has put a series of closely watched technical levels in play, and prominent market analysts have offered differing assessments of the token's outlook. Part of what makes the setup notable is that several of these levels were mapped out in advance, giving traders a common set of reference points as the price tests them.

$XRP Loses More Than Price

$XRP's recent decline has damaged more than its price chart, as the token is facing pressure from both traders and the broader market.

In the past 24 hours, $XRP fell 2.37% to around $1.17, underperforming Bitcoin as leveraged long positions were forced out of the market. The drop below the $1.21 support level triggered further selling, forcing traders to close more than $10 million in leveraged long positions. Forced closures of leveraged longs can compound a sell-off, since the selling itself pushes prices toward the next cluster of stop-loss orders.

Open interest also fell, dropping 12.36%. Open interest measures the total value of active derivatives positions, so a decline of that size points to a broad step back in leverage. Fewer traders are keeping their positions open, a sign that many are stepping back from the market as prices become more volatile.

Market sentiment has weakened as well. Traders are becoming more negative about $XRP, with social sentiment falling to its lowest level since July. Together, the drop in positioning and the slide in sentiment underline how sharply confidence has weakened in recent weeks.

The pressure is also visible in $XRP ETF flows, which have slowed. ETFs recorded inflows on only six days over the past month, while most other days saw outflows or no inflow at all. Because ETF flows are widely read as a gauge of institutional appetite, the sparse inflow days underline how cautious fresh demand has become — even though cumulative net inflows remain at $1.81 billion, a reminder that a substantial base of capital remains allocated to these products.

What Analysts Are Saying About $XRP

Despite the weak market, $XRP is now approaching a key support zone that could decide its next move. Against that backdrop, the token's ability to hold its nearest support zones has become the focal point for market watchers.

Well-known crypto analyst ChartNerd said $XRP's weekly chart remains weak after breaking below its 10-week support.

The moment of truth: ripple:native has broken below its 10-week support floor and is searching for a $1.16-$1.04 demand zone. The double-top structure aligns with earlier-year highs, while price remains capped by key moving averages (20/50W), suggesting a constructive corrective… pic.twitter.com/jNEFb03cYs
— 🇬🇧 ChartNerd 📊 (@ChartNerdTA) November 6, 2026

The analyst sees $1.16–$1.04 as an important demand zone, warning that a drop below $1.16 could lead to further losses. However, a move back above $1.34 could improve the outlook.

Ali Martinez is taking a more contrarian view. He said $XRP has broken below the middle of its trading channel, putting the lower boundary near $0.99 in focus as the next possible support.

Martinez also pointed to weak $XRP trading volume and a falling market share, saying a strong rally may be difficult until Bitcoin dominance starts to fall — a shift that would give a future reversal more room. His framing also adds a market-wide variable for observers to track, since Bitcoin dominance sits outside $XRP's own chart.

However, not all analysts see the same level of risk. Well-known crypto trader Dark Defender said $XRP's long-term market structure remains intact despite the recent drop. He sees $1.12 as an important support level.

Nothing has changed in the structure. $1.12 was the ceiling # $XRP fought all of July & August. Old resistance has one job now: hold as support. Price is still above it. We marked the Wave 2 supports at $1.21 & $1.12 on this chart on Oct 25, long before today's candle. I…
— Dark Defender (@DefendDark) November 6, 2026

On that reading, the sell-off has not disrupted the broader structure, and the $1.12 level could now turn into support as the price pulls back. Taken together, the debate now comes down to a short list of observable markers: whether the $1.16–$1.04 demand zone absorbs selling, whether $1.12 holds as flipped support, whether $0.99 comes into play as the channel floor, and whether price can reclaim $1.34 — read alongside ETF flow cadence, open interest, sentiment, and the direction of Bitcoin dominance as the broader-market backdrop.