Ripple (XRP) has plunged more than 17% in the past month, raising the possibility of a breakdown below the $1 level. Following the U.S. midterm elections, selling pressure has intensified across the broader cryptocurrency market, and with inflows into spot XRP exchange-traded funds (ETFs) slowing as well, further downside risks are being raised.

Down 17.4% in a Month... Trading Around $1.17

According to cryptocurrency media outlet Coingape, XRP was trading around $1.17 on November 7 (local time), down approximately 17.4% over the past 30 days. XRP has been pushed back from levels above $1.40, and after falling out of the channel that had maintained its previous price trend, $0.99 has emerged as a key downside target price.

Unlike Bitcoin, which found stability around $76,000, XRP has struggled to secure sufficient new buying demand, making it difficult to recover nearby resistance levels.

Selling Expands After Midterm Elections... $1 Billion Liquidated in Derivatives

Coingape reported that XRP's recent decline has coincided with the selling movement seen across the broader cryptocurrency market following the U.S. midterm elections. Although the market briefly showed signs of recovery immediately after the November 3 (local time) midterm elections, selling pressure soon strengthened again.

On November 5 (local time), the Nasdaq Composite Index fell 5.5%, and Bitcoin was also pushed down to around $76,000. During the same period, XRP also dropped about 5.5% over 24 hours.

Markets showed that concerns over artificial intelligence (AI) investments and potential obstacles that could block data center expansion weighed on investor sentiment. In this process, positions worth more than $1 billion were liquidated in the cryptocurrency derivatives market, with losses concentrated mostly on investors who had bet on rising prices.

Based on these market trends, Coingape analyzed that XRP's short-term price direction could continue to be influenced by investor sentiment toward risk assets. In particular, it noted that if Bitcoin's weakness continues, it could become even more difficult for XRP to form a stable price floor.

Spot XRP ETF Turns to Net Outflows... October Inflows Drop Sharply

The flow of funds in spot XRP ETFs is also a notable change. According to Sosovalue data cited by Coingape, U.S. spot XRP ETFs saw net outflows of approximately $529,500 from November 2 to 6 (local time). The outflows during this period all occurred on Monday, while both net inflows and net outflows recorded zero over the following four trading days.

Monthly inflows also shrank significantly. Net inflows, which stood at $121.4 million in September, fell to $18.8 million in October. As of the last trading day of that week, the combined net assets of XRP spot ETFs were tallied at approximately $1.34 billion.

RSI at 29, MACD Negative... $1.14 Support Level Is Key Going Forward

Downward pressure continues in technical indicators as well. According to Coingape, as of November 7 (local time), XRP's daily Relative Strength Index (RSI) stood at 29, indicating a bearish trend. The Moving Average Convergence Divergence (MACD) and histogram also remained in negative territory, showing that the downward movement is continuing.

The first major price range presented by Coingape is $1.15 to $1.14. The analysis suggests that if XRP consistently closes below this range, the risk of a decline to $1.12 could grow. $1.12 is a key monthly support level calculated based on exchange price data, and if this price also breaks down, the next level to watch is $1.10. If the decline deepens further, the possibility of XRP being pushed down to the $1.00 to $0.99 range was also raised. The second key monthly support level is around $0.981, forming an additional price range to watch just below $1.

On the other hand, Coingape's analysis suggests that to escape the downward trend, XRP must first recover the $1.20 to $1.22 range. To confirm a clearer price improvement, stable trading must continue above $1.25 to $1.27. In particular, the 20-period daily Exponential Moving Average (EMA) is located around $1.27, making it a key price benchmark.

Ultimately, Coingape's analysis identified whether XRP can hold the support level around $1.14, or conversely, whether it can reclaim price levels above $1.20, as key variables that will determine its future price trajectory.

[This article is by no means investment advice. The content may be merely opinion, so please do not use it as a reference or material for investment. All investments are made by each individual's own judgment, and the final responsibility lies with the investor. This publication bears no responsibility whatsoever.]