XRP Falls 34% in a Month as $1 Support Comes into Focus
XRP has fallen nearly 34% in the last month and 17% in the past week, with its price approaching the psychologically significant $1 level. The weakness began after the US midterm elections on November 3, which contributed to heightened regulatory uncertainty and broader market volatility.
XRP has fallen nearly 34% in the last month and 17% in the past week.
The price is approaching the critical $1 support level.
The price weakness began after the US midterm elections on November 3.
Over $10 million in long liquidations occurred, and open interest dropped by 12.36%.
Story
XRP has experienced a significant decline of nearly 34% in the last month and a 17% drop in the past week alone. The price is now approaching the psychologically important $1 level, which it has not traded below since August. The latest round of price weakness for XRP began after the US midterm elections on November 3, in which Democrats secured control of both the House and the Senate. This election outcome contributed to heightened regulatory uncertainty and drove broader volatility in the cryptocurrency market. XRP started election week trading near $1.32 but quickly slipped below the $1.21 support level, falling to $1.17 by November 7. The breach of support coincided with over $10 million in leveraged long liquidations and a 12.36% drop in futures open interest. Persistent selling pressure has pushed XRP to around $1.03, challenging the sustainability of the $1 support. The community remains divided on whether this signals a market bottom or further capitulation.
Issue context
The crypto market is in a corrective phase on November 12, 2026, marked by declining prices and a general risk-off sentiment. Bitcoin and Ethereum are experiencing significant drops, and the total market capitalization has fallen by almost 4% in the last 24 hours. Despite this, funding rates for major cryptocurrencies remain positive, indicating that long positions are still paying short positions in perpetual futures markets. This could signal continued leverage even amidst the current downtrend. Market sentiment, as measured by the Fear & Greed Index, stands at 29, indicating "Fear." This development is accompanied by substantial outflows from institutional crypto ETFs, pointing to waning demand from large investors.
Current market movements indicate increased volatility and a tendency towards risk reduction. Pay attention to open interest developments and ETF flows, as these indicators can influence market direction. Be aware that regulatory changes and large on-chain transactions can quickly shift sentiment. Remain vigilant and consider the heightened risks in a deleveraging environment.
Market pulse
Fear & Greed
29
Fear
BTC Funding
+0.0075%
20 perp markets · Open Interest $36.1B
BTC Open Interest
$36.1B
24h volume $59B · basis +0.064%
ETH Funding
+0.0051%
20 perp markets · Open Interest $21B
More from this issue
This story is part of the Biturai Market Brief and is for informational purposes only. No investment advice.