CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 83% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Ripple Price Forecast: XRP correction pauses, but recovery prospects remain limited

Source Fxstreet
  • XRP hovers above the critical $1.00 support level but faces diminishing recovery potential.
  • Binance XRP futures Open Interest falls to $189 million, the lowest level in three months.
  • XRP holds above the weekly SuperTrend support, offering bulls some short-term relief despite the broader bearish technical setup.

Ripple (XRP) trades around $1.06 on Wednesday, as its correction takes a breather, reflecting the broader cryptocurrency market calm after the storm sentiment. The remittance token sits above a solid support range from $0.94 to the current market price, while its upside is largely capped by structural hurdles, including major moving averages.

XRP Binance Open Interest falls to $189M

The XRP futures Open Interest (OI) on the Binance exchange has fallen to $189 million on Wednesday, the lowest level in three months, according to a report published on CryptoQuant. With August OI averaging $182 million on the same platform, risk-on sentiment has taken a hit.

Bybit's XRP open interest climbed to $255 million, up from $229 million on August 2, while OKX saw XRP derivatives volumes reach approximately $46 million as of November 11.

XRP Multi Exchange OI Interest | Source: CryptoQuant

Aggregate open interest on Binance, Bybit, and OKX has climbed to around $490 million, with XRP trading near $1.06. This underscores the varied levels of derivatives exposure among leading exchanges, with Binance reverting to its early-August levels while Bybit continues to hold a comparatively larger outstanding position.

More broadly, subdued futures OI aligns with the Fear & Greed Index, which held at 29 in Fear territory on Wednesday, down slightly from 32 the previous day. Looking back, the index averaged 69 in the Greed territory last month, undermining diminishing investor appetite.

Crypto Fear & Greed Index | Source: Alternative

Technical analysis: XRP holds key support

XRP trades at $1.06, extending a clear bearish phase as price holds well below the 50-day, 100-day, and 200-day Exponential Moving Averages (EMAs), clustered between roughly $1.28 and $1.35. The SuperTrend indicator sits above the market at $1.22, reinforcing a dominant downside bias, while the Relative Strength Index (RSI) at about 24 slips further into oversold territory and the Moving Average Convergence Divergence (MACD) remains negative, both suggesting persistent but stretched bearish momentum.

Chart Analysis XRP/USDT (Binance)
XRP/USDT daily chart

Initial resistance lies at the SuperTrend barrier near $1.22, ahead of a dense EMA cluster where the 50-day EMA comes in at $1.28, and the nearby downward resistance trendline reference at $1.29 adds to selling pressure. Above, the 100-day EMA at $1.30 and the longer-term 200-day EMA at $1.35 form subsequent resistance layers that would need to be reclaimed to ease the prevailing bearish bias. The absence of clearly defined support levels below spot leaves the pair vulnerable to further downside exploration until fresh demand emerges.

The bearish tone continues on the weekly timeframe, with spot price well below the 50-week, 100-week and 200-week EMAs at $1.46, $1.55 and $1.37, respectively, which sit overhead as a broad cap, while a long-running descending trendline projected from prior cycle highs adds topside supply around $1.44.

XRP/USDT weekly chart

Initial technical support is offered by the weekly SuperTrend line around $0.94, which marks the first notable demand zone if sellers extend control. On the topside, a recovery would first need to challenge the 200-week EMA near $1.37, ahead of the descending trendline barrier around $1.44 sustained break above these would then expose the higher EMA cluster, with the 50-week EMA at $1.46 followed by the 100-week EMA near $1.55, acting as subsequent resistance layers that are likely to limit gains on initial tests.

(The technical analysis of this story was written with the help of an AI tool. Know more.)

Cryptocurrency metrics FAQs

The developer or creator of each cryptocurrency decides on the total number of tokens that can be minted or issued. Only a certain number of these assets can be minted by mining, staking or other mechanisms. This is defined by the algorithm of the underlying blockchain technology. On the other hand, circulating supply can also be decreased via actions such as burning tokens, or mistakenly sending assets to addresses of other incompatible blockchains.

Market capitalization is the result of multiplying the circulating supply of a certain asset by the asset’s current market value.

Trading volume refers to the total number of tokens for a specific asset that has been transacted or exchanged between buyers and sellers within set trading hours, for example, 24 hours. It is used to gauge market sentiment, this metric combines all volumes on centralized exchanges and decentralized exchanges. Increasing trading volume often denotes the demand for a certain asset as more people are buying and selling the cryptocurrency.

Funding rates are a concept designed to encourage traders to take positions and ensure perpetual contract prices match spot markets. It defines a mechanism by exchanges to ensure that future prices and index prices periodic payments regularly converge. When the funding rate is positive, the price of the perpetual contract is higher than the mark price. This means traders who are bullish and have opened long positions pay traders who are in short positions. On the other hand, a negative funding rate means perpetual prices are below the mark price, and hence traders with short positions pay traders who have opened long positions.

Disclaimer: The content available on Mitrade Insights is provided for informational and marketing purposes only. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research
Nothing in this material constitutes investment advice, personal recommendation, investment research, an offer, or a solicitation to buy or sell any financial instrument. The content has been prepared without consideration of your individual investment objectives, financial situation, or needs, and should not be treated as such.
Past performance is not a reliable indicator of future performance and/or results. Forward-looking scenarios or forecasts are not a guarantee of future performance. Actual results may differ materially from those anticipated.
Mitrade makes no representation or warranty as to the accuracy or completeness of the information provided and accepts no liability for any loss arising from reliance on such information.
placeholder
Zcash Price Forecast: ZEC bears eye levels below $300 as bearish momentum buildsZcash (ZEC) price is trading below $365 on Tuesday, after closing below the key support zone the previous day. The bearish narrative for ZEC strengthens as metrics show sell-side dominance rising and funding rates turning negative.
Author  FXStreet
Jan 20, Tue
Zcash (ZEC) price is trading below $365 on Tuesday, after closing below the key support zone the previous day. The bearish narrative for ZEC strengthens as metrics show sell-side dominance rising and funding rates turning negative.
placeholder
Crypto Majors Stall as Bitcoin, Ether, and XRP Struggle to Shake Off Bearish OverhangBitcoin steadies at $70k while Ethereum and XRP face key resistance levels; technicals show bearish MACD crossovers despite oversold RSI conditions.
Author  Mitrade
Aug 18, Tue
Bitcoin steadies at $70k while Ethereum and XRP face key resistance levels; technicals show bearish MACD crossovers despite oversold RSI conditions.
placeholder
The Trumponomics Ebook: Oil Price Volatility in the Iran War Understand how the Strait of Hormuz shock moved markets, and what CFD traders watched next.
Author  Rachel Weiss
Oct 21, Wed
Understand how the Strait of Hormuz shock moved markets, and what CFD traders watched next.
placeholder
BTC holds recent gains above 50-day EMA amid improving momentumBitcoin (BTC) slides slightly but holds most of the recent gains, reclaiming the 50-day Exponential Moving Average (EMA) at $64,300 at the time of writing on Tuesday after rising 2.5% the previous day.
Author  FXStreet
Aug 18, Tue
Bitcoin (BTC) slides slightly but holds most of the recent gains, reclaiming the 50-day Exponential Moving Average (EMA) at $64,300 at the time of writing on Tuesday after rising 2.5% the previous day.
placeholder
Ripple and Stellar outlook: XRP ETF demand strengthens, XLM RWA market hits $4 billion milestoneRipple (XRP) and Stellar (XLM) are showing signs of recovery on Tuesday after rebounding slightly the previous day, following double-digit corrections last week.
Author  FXStreet
Sep 01, Tue
Ripple (XRP) and Stellar (XLM) are showing signs of recovery on Tuesday after rebounding slightly the previous day, following double-digit corrections last week.
Related Instrument
goTop
quote