XRP declined below the $1.14 support level on November 9, 2026, invalidating a key condition for a projected price recovery toward $1.30, according to Bitcoinist.
The price movement complicates a technical analysis posted on November 8 by Ali Martinez, a cryptocurrency analyst known as Ali Charts. Martinez identified a descending channel that had guided XRP price movements over the preceding month and suggested the token could rebound approximately 13% from its reference price if the $1.14 support held. By the following day, market data showed the asset trading below that threshold.
Technical Indicators Show Oversold Conditions
Despite the break in support, momentum indicators suggest the asset is in oversold territory. The Relative Strength Index (RSI) for XRP was reported near 26 on November 9. In technical analysis, RSI readings below 30 are generally classified as oversold, indicating substantial downward momentum. However, the source notes that oversold conditions do not guarantee an immediate recovery, as assets can remain in this state during prolonged corrections.
Martinez’s original setup relied on the price testing the lower boundary of the descending channel before potentially moving toward the upper boundary. A descending channel is formed by two downward-sloping trendlines connecting successive highs and lows. While the pattern reflects an ongoing correction, prices sometimes experience recoveries after testing the lower trendline. The current price action requires XRP to reclaim the $1.14 level to validate the initial setup before targeting higher resistance.
Network Activity Continues Amid Price Pressure
While the market price faced selling pressure, on-chain data for the XRP Ledger indicated continued network expansion. The stablecoin market capitalization on the XRP Ledger was reported near $970 million on November 9, following growth over the preceding week. Additionally, the network processed approximately 4.79 million transactions over a 24-hour period.
These metrics reflect activity in payment settlement and tokenization applications on the ledger. The source notes that increasing network activity does not necessarily translate directly into higher prices for the native XRP asset, as demand depends on multiple factors. Investors are currently monitoring whether these fundamental improvements will coincide with stronger market demand.
Key Levels for Next Move
Traders are now watching specific price levels to determine the next direction for XRP. The $1.14 region, previously identified as support, must be reclaimed for the bullish scenario to remain intact. Beyond that, resistance levels are identified at $1.20 and a broader zone between $1.25 and $1.30. A sustained move above these areas would strengthen the argument that the recent correction is ending.
Conversely, continued weakness in the $1.05 to $1.10 region would suggest the market requires more time to establish a bottom. The next procedural step for the price action is whether buyers can turn the current oversold conditions into renewed momentum to challenge the $1.30 target identified by Martinez.
