XRP falls 25% from October high to $1.16 as analysts highlight key support zones

XRP, the digital asset developed by Ripple , traded near $1.16 on November 7 following a sharp decline from its early October peak of around $1.55. This drop of approximately 25% coincided with increased leveraged liquidations and growing caution among traders. Multiple analysts are currently monitoring crucial support levels that could determine the short-term outlook for the token. The retreat in XRP price prompted the liquidation of more than $10 million worth of leveraged long positions, according to data compiled by digital asset analytics provider CoinGlass. This substantial unwinding of positions was accompanied by a notable decrease in the open interest indicator, which fell by 12.36%.

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