[DigitalToday reporter Yoonseo Lee] XRP has recently fallen below the lower end of its trading range, moving in a way similar to a breakdown zone seen just before a past 70 percent rebound.

The Crypto Basic, a blockchain outlet, reported on Nov. 6 that XRP slid to around $1.10 in a broader market rout, dropping below $1.24 to $1.25, the lower boundary of its recent range.

The move is drawing attention because it resembles the period from June to August. At the time, XRP broke below around $1.10, the lower end of a wider range, and moved into a breakdown zone below support. Selling pressure pushed the price to around $1, but XRP reclaimed the range in August and surged to about $1.70. The rise from the low was about 70 percent.

After that, XRP formed a new range between $1.24 to $1.25 and $1.70. It made several attempts in September to break above around $1.70, but those did not lead to a sustained upside breakout. In October, it showed a pattern of lower highs before being pushed back down to the lower end. The price has ultimately fallen below the bottom of this range. XRP is currently holding the key support level of $1.10 after losing support at $1.1404.

For a rebound scenario to hold, XRP would first need to reclaim $1.24 to $1.25, the floor of the previous range. The next target would be $1.70, the top of the recent range. Levels of $2.0972 and then $2.40 were presented as reference areas on the upside after a break above $1.70, but those levels would only be meaningful if reclaiming $1.24 to $1.25 and breaking above $1.70 come first.

The emphasis on near-term downside risk also reflects the structure of the derivatives market. Recent data show a large buildup of long liquidation risk below the current XRP price. That makes it a key point to watch whether buying can defend the $1.10 area and lift the price back above $1.24 to $1.25.