XRP has slid to around $1.10, fuelling concerns about further declines.

The Crypto Basic, a blockchain media outlet, reported on Nov. 7 that XRP last week confirmed its downward structure after closing on the four-hour chart below $1.2355, seen as a key support level.

$1.2355 had acted as support, but it has been broken on a closing-price basis and has now turned into a resistance zone. XRP had already shown a pattern of continuing lower highs and lower lows since a $1.3414 peak. The latest break has made the bearish structure clearer.

Broader market selling also added pressure. XRP's market capitalisation has shrunk to about $75 billion from $210 billion in July 2025. With both price and market capitalisation falling, its capacity for a rebound has weakened compared with before.

Resistance zones on the chart are also clear. The 21-day exponential moving average stands at $1.2578, and the 55-day exponential moving average is at $1.2703. The gap between the current price and the moving averages is not small, raising the possibility that selling pressure could build again in that area even if a rebound appears.

Signs of weak buying have also been seen. A recent four-hour candle opened at $1.20357 and rose only to $1.20592 before selling resumed. That suggests buying is failing to gain traction above the current price. The fact that the previous swing high of $1.3414 remains intact also supports a bearish scenario.

Still, the possibility of a short-term rebound has not completely disappeared. XRP has fallen below the lower volatility band at $1.2186. That indicates it has entered an oversold zone outside a typical statistical range, and a temporary rebound toward the average price could occur. In that case, $1.2355 and $1.2578 are seen as the first levels to watch.

The key is the form of any rebound. If XRP forms a long upper wick in this zone and fails to hold gains, it could signal that sellers are regaining the upper hand at resistance. For the current structure to be invalidated, XRP would need to post a four-hour close above $1.2703, the 55-day exponential moving average.

Ultimately, XRP's short-term direction depends on whether it can reclaim $1.2355 and $1.2578. For now, the combination of a broken former support level and declining moving averages is keeping conditions tilted in favour of sellers rather than buyers.