XRP has fallen below the $1.24 to $1.25 range that had been regarded as a support level for months, prompting a view that it could drop further into the $0.90 range.

Blockchain outlet The Crypto Basic reported on Nov. 11 that Sweep, a co-founder of blockchain platform Glyde, said XRP appears to be heading toward a new low.

XRP is currently holding in the $1.08 to $1.16 range on CoinMarketCap. In the short term, it has already lost the area around $1.10, which had been cited as the first downside target.

The level drawing market attention is the breakdown of the neckline near $1.24 to $1.25. That zone had been a key support level that held XRP several times after an August rebound. On Binance's daily chart, a broad topping pattern continued from late August to early November, followed by a clearer signal of a shift to bearishness.

The price action is also reinforcing the bearish pattern. XRP rose from about $1 in August to $1.50 to $1.55, then slipped into the $1.25 range. It later rebounded to $1.65 to $1.67, creating the highest peak in the structure. But after returning to the same support level, it rose only to around $1.40.

Sweep pointed to a classic head-and-shoulders pattern. The middle peak is higher than the first, and the final peak is lower again. The common support level that held the three legs broke in early November, raising downward pressure.

Technical indicators are also tilting bearish. The recent daily candlestick low fell to around $1.075, and the close formed near $1.098. The daily relative strength index (RSI) fell below 30. That signals entry into oversold territory, but it does not mean an immediate trend reversal.

Attention is now on whether buying interest can form a bottom in the $1.09 to $1.10 area. If the current support zone of $1.07 to $1.10 breaks and the psychological support of $1 is also lost, the $0.90 to $0.92 range could emerge as the next target.

For the bearish structure to weaken, XRP must first recover the $1.24 to $1.25 range. It would then need to break above the lower-highs trend that has continued since September to be seen as a full-fledged reversal signal. The immediate focus is whether buyers can defend $1.07 to $1.10, or whether sellers extend losses toward $1 and the $0.90 range.

$XRP looks like it's going to new cycle lows https://t.co/Ha2UHqNeot