XRP The price has fallen from around $1.55 at the beginning of October to nearly $1.17, reflecting a decline of about 27%.

As market pressure increases, the number of open contracts for XRP has decreased by 12.36%, indicating that traders are reducing their exposure.

Analysts are focusing on the range of $1.10 to $1.15, considering it to be a key support area for the bulls.

XRP is facing a critical test: after falling from its October high of $1.55, the price is now approaching $1.10. This decline has erased more than 27% of the recent gains and has weakened traders' confidence, as well as the demand for ETF and leveraged positions.

However, some well-known crypto analysts believe that despite the growing negative sentiment, as long as XRP holds the key support level, there is still a possibility of a rebound.

XRP What's lost is more than just the price.

The recent decline of XRP has not only damaged the price trend but also been under pressure from traders and the overall market.

XRP fell 2.37% within 24 hours to around $1.17, performing weaker than Bitcoin, as leveraged long positions were forced to close out. After breaking below the support level of $1.21, it triggered further selling, forcing traders to liquidate leveraged long positions worth over $10 million.

Unclosed contracts also decreased by 12.36%. This indicates that the number of traders holding positions has reduced, suggesting that as price volatility intensifies, many people are exiting the market.

At the same time, the cash flow of XRP ETF is also under pressure, with the inflow speed having slowed down. In the past month, ETF only recorded capital inflows on 6 days, while on most of the other trading days, there were outflows or no inflows at all. However, the cumulative net inflow still amounts to 1.81 billion US dollars.

How do analysts view XRP

Despite a weak market, XRP is currently approaching a key support level that could determine the next trend. Renowned crypto analyst ChartNerd stated that the XRP weekly chart remains weak after breaking below the 10-week support level.

The analyst believes that the range of $1.16 to $1.04 is an important support level and warns that a fall below $1.16 could lead to further declines. However, if prices return above $1.34, the outlook could improve.

Ali Martinez holds a more contrarian view. He stated that XRP has fallen below the midline of the trading channel, so the next possible support level is now around the lower boundary of $0.99.

However, not all analysts agree that the risks are the same. Renowned crypto trader Dark Defender indicates that despite the recent decline, the long-term market structure of XRP remains intact. He believes that $1.12 is an important support level.

As prices fall, this level may now turn into support.