XRP price fell below $1.185 for the first time since the August 22 crash, CryptoPotato reported, as the token declined on Friday. The outlet said XRP had lost support at both $1.30 and $1.20.

The decline left XRP down 9.5% over 24 hours and made it the weakest performer among the 30 largest altcoins on that measure, according to CryptoPotato. The outlet pointed to a broader market decline and raised the possibility that exchange-traded fund activity contributed to the move or failed to sustain a rebound.

CryptoPotato said gains recorded across markets on Wednesday afternoon had disappeared 24 hours later, with cryptocurrencies also caught in the reversal. Within that wider decline, the outlet ranked XRP at the bottom of its group of largest altcoins by daily performance.

XRP price breaks support

CryptoPotato reported that XRP had climbed to $1.35 roughly 36 hours before its report, alongside a wider market advance. The token then gave up the $1.30 and $1.20 levels, according to the outlet.

The drop below $1.185 took XRP through a price it had not breached since the August 22 crash, CryptoPotato said. The outlet put the token's market capitalization at $75 billion, compared with $90 billion for BNB.

A separate account from CryptoTicker described a period in which the XRP price had stayed between $1.24 and $1.34. CryptoTicker said the range held after Wednesday evening, November 4, when it cited CoinGecko data showing a $1.30 price.

That range account differs from CryptoPotato's report that XRP lost $1.20, a level below the range. The reports do not establish whether the range assessment and the lower price were observed at the same time.

Bitcoin comparison

CryptoTicker reported that XRP had fallen against Bitcoin from about 1,757 satoshi to about 1,630 satoshi, a decline of 7.2%. Over the preceding 90 days, the outlet said, the pair had traded between 1,548 and 1,956 satoshi.

At about 1,630 satoshi, XRP was in the lower quarter of that 90-day range, according to CryptoTicker. The outlet said the token was following the market rather than leading it for as long as its Bitcoin ratio remained in that part of the range.

CryptoTicker argued that the Bitcoin comparison was more useful than the dollar price for judging whether investors favored XRP. The outlet also said XRP tends to rise when the broader market advances.

CryptoTicker also reported a difference in the two assets' performance over 30 days: XRP lost 13.4%, while Bitcoin fell 6.6%. The comparison accompanied the outlet's assessment that XRP had recovered in dollar terms with the market but not against Bitcoin.

For the Wednesday evening reading, the XRP price of $1.30 matched its 20-day average, CryptoTicker reported, citing CoinGecko. The outlet placed the 200-day average at $1.27, or 2.3% below the price, and the 50-day average at $1.39, or 6.9% above it.

ETF activity and market weakness

CryptoPotato identified the broader market selloff as the clearest explanation for the XRP price decline. The outlet reported that Bitcoin had been rejected at $81,000 before falling to $75,000, with most altcoins also declining.

The same report raised ETF activity as a possible additional factor, while stopping short of establishing it as the cause of XRP's losses. CryptoPotato said the funds had begun November with little or no demand after recording positive results in October.

Citing SoSoValue data, CryptoPotato reported a small negative ETF reading on Monday, followed by no activity on Tuesday, Wednesday or Thursday. The outlet suggested that the activity may have contributed to the decline or failed to support a lasting rebound.

Analyst view and options

CryptoPotato reported that analyst Ali Martinez had predicted a large move when XRP was trading around $1.25. The outlet said Martinez had forecast that a close above $1.28 resistance could open the way for substantial gains, before XRP climbed to $1.35.

In a later account cited by CryptoPotato, Martinez said more than 13 million tokens had been withdrawn from exchanges. The outlet said such withdrawals could, in theory, reduce the supply immediately available for sale.

Martinez also said large holders had increased their holdings by 60 million coins over a week, according to CryptoPotato. He viewed the withdrawals and larger holdings as signs of interest from large holders, the outlet reported.

In options, CryptoTicker reported that Deribit positions for November 27 included about 15.2 million XRP in calls and 4.0 million XRP in puts. For December 25, it listed 25.5 million XRP in calls against 15.8 million in puts.

CryptoTicker said the call positions outweighed puts in a market smaller than Bitcoin's options market. The outlet cautioned that individual large positions could have a substantial influence on the resulting picture.

Conclusion

CryptoPotato reported that XRP fell below $1.185 after losing the $1.30 and $1.20 support levels, with a 9.5% decline over 24 hours. The outlet pointed to broad market weakness and treated ETF activity as a possible contributor, not a confirmed cause. CryptoTicker's range assessment differed from the lower levels reported by CryptoPotato. The next dated options reference in the reports is November 27, for which CryptoTicker listed Deribit call and put positions. It also reported positions for December 25.

Frequently Asked Questions

Why did XRP fall below $1.185?

CryptoPotato pointed to a broader market selloff as the clearest explanation and said Bitcoin had fallen from $81,000 to $75,000 after being rejected at the higher level. The outlet also raised XRP ETF activity as a possible factor, though it did not establish that ETF activity caused the decline.

How far did XRP fall over 24 hours?

CryptoPotato reported a 9.5% decline over 24 hours, making XRP the weakest performer among the 30 largest altcoins on that measure. The outlet said the token lost support at $1.30 and $1.20 and dropped below $1.185 for the first time since the August 22 crash.

What did SoSoValue data show about XRP ETFs?

XRP funds were among the few with positive results in October, before demand faded at the start of November, CryptoPotato reported. Citing SoSoValue data, the outlet reported a small negative reading on Monday and no activity from Tuesday through Thursday. It raised the possibility that ETF activity contributed to the decline or failed to sustain a rebound.

How did XRP perform against Bitcoin?

CryptoTicker reported that XRP declined from approximately 1,757 satoshi to 1,630 satoshi, a 7.2% drop. The outlet said XRP had traded between 1,548 and 1,956 satoshi over the preceding 90 days and was in the lower quarter of that range at 1,630 satoshi.

What XRP options positions did CryptoTicker report for November 27?

CryptoTicker reported approximately 15.2 million XRP in calls and 4.0 million XRP in puts at Deribit for November 27. The December 25 contracts showed 25.5 million XRP in calls, compared with 15.8 million in puts, according to the outlet. The outlet cautioned that individual large positions could strongly influence the picture.