XRP dropped 9.8% over a 24-hour period to reach $1.18 on November 6, 2026, marking an 11-week low and its weakest valuation since August 22 following a brief rally to $1.35. CoinGecko data indicated its market capitalization hovered around $75 billion as of 07:40 UTC.
This market correction arrived alongside a wider cryptocurrency selloff. Sluggish demand for XRP exchange-traded funds provided minimal cushioning, while analyst Ali Martinez’s positive metrics regarding exchange outflows and large-holder balances failed to sustain a lasting market recovery.
XRP Falls to an 11-Week Low After Reaching $1.35
How Did the Rebound Unravel?
XRP hit $1.35 roughly 36 hours prior to the coverage of Friday morning’s selloff. This surge temporarily pushed the token past the $1.28 mark that Martinez previously highlighted as a vital threshold for extended gains.
Related: Aviva Backs Tokenized Fund Share Class on XRP Ledger With £50M
That momentum faded quickly. XRP subsequently slipped below $1.30, broke under $1.20, and finally dropped below $1.185, returning to price points not witnessed since the August 22 crash.
Consequently, XRP traded about 13% below its recent $1.35 peak. For market participants tracking the rebound, the critical takeaway was the inability to hold successive support tiers rather than the initial surge past the analyst’s breakout marker.
What Happened Across the Wider Market?
Bitcoin faced rejection at $81,000 and slid to $75,000, dragging the majority of altcoins downward with it. The widespread market gains achieved on Wednesday afternoon evaporated roughly a day afterward.
According to CryptoPotato, XRP was the worst performer among the top 30 altcoins during the downturn, illustrating both the broad market retreat and the severity of its own losses.
The Analyst and ETF Signals Behind the XRP Debate
What Was Ali Martinez Watching?
Martinez’s optimistic outlook was rooted in a specific technical scenario: a daily close above $1.28 could pave the way for further upside. He outlined this setup while the token was hovering near $1.25, ahead of its brief push to $1.35.
His subsequent insights went beyond standard chart analysis. He pointed out that over 13 million XRP had left exchange wallets alongside a 60 million XRP surge in whale holdings over a single week, framing these trends as indicators of mounting accumulation among major investors.
This distinction is crucial for the overall outlook. While his thesis merged a specific price threshold with holder metrics, the subsequent rejection undermined the price-driven portion of the argument, even though the accumulation metrics maintained their bullish interpretation in his view.
October’s ETF Strength Gives Way to a Failed Breakout
Why Did the Change in Fund Activity Matter?
Positive ETF inflows throughout October had established a supportive backdrop for XRP. However, November’s quiet start stripped away that momentum precisely as the digital asset tried to extend its recovery.
While lackluster fund demand may have left the rebound vulnerable, the broader digital asset selloff remained the primary catalyst for the decline. The ETF statistics point to a potential compounding factor rather than a standalone reason for the entire drop.
XRP’s $75 Billion Valuation and the Scale of the Reversal
How Large Was the Setback From $1.35?
At $1.18, XRP requires an approximate 14% increase to regain the $1.35 mark. Because the recovery originates from a lower price point, the percentage gain needed exceeds the roughly 13% loss from that peak.
Closer resistance levels are more manageable: the $1.20 mark sits roughly 2% above $1.18, whereas $1.30 is about 10% higher. Reclaiming the $1.28 level specified in Martinez’s prior closing-price condition would demand an 8% rally.
How Did XRP Compare With BNB?
During the selloff, XRP’s market cap of roughly $75 billion trailed behind BNB’s valuation of approximately $90 billion, resulting in a $15 billion gap.
This comparison highlights the valuation spread between the two assets as XRP slumped. Nevertheless, the more pressing concern for this narrative remains XRP’s inability to sustain its rebound amid a wider altcoin market correction.
Risks to XRP’s Bullish Holder and Chart Signals
Why Did Accumulation Fail to Sustain the Recovery?
Martinez viewed exchange withdrawals as a factor that reduced the immediate circulating supply of XRP available for sale, while separately emphasizing the weekly expansion of whale balances as another positive cue.
Even so, prices continued to slide following those observations. For holders, the primary hazard lies in depending on favorable supply dynamics while prevailing price action and alternative demand metrics point in the opposite direction.
Separate XRP News: Lending Proposal Gains Validator Support
How Close Is XLS-66 to Approval?
In other ecosystem updates, the proposed XRP Ledger Lending Protocol, designated as XLS-66, secured 23 “Yes” votes out of 35 trusted validators, leaving it six votes shy of the required 29-validator supermajority threshold.
Community member and XRPL validator Vet (known as @Vet_X0) highlighted the growing backing for the amendment. This network governance update remains entirely independent of the market and ETF trends tied to XRP’s recent price drop.
Should it pass, approval will not trigger an immediate deployment. The required supermajority must be maintained throughout a mandatory two-week activation window with at least 80% validator backing.
What Would the Lending Proposal Introduce?
XLS-66 aims to establish native, fixed-term, non-collateralized lending capabilities for eligible borrowers. Capital would be pooled via Single Asset Vaults and lent out based on established terms.
This initiative could give institutions and other stakeholders a mechanism to deploy assets directly on the ledger rather than merely holding or transferring them, allowing depositors to potentially generate interest relative to active lending volume and risk.
What to Watch for XRP in November 2026
Which Market Developments Matter Next?
Immediate market focus centers on whether XRP can recapture lost price benchmarks and whether ETF participation rebounds after multiple stagnant sessions. A broader market stabilization would also alter the conditions that drove the token down to its 11-week low.
Martinez’s $1.60 projection demands a roughly 36% climb from $1.18, while his conditional $2.10 target sits approximately 78% higher, emphasizing the distance between current prices and those ambitious bullish targets.
FAQ
When Did XRP Last Trade Below $1.185 Before This Decline?
The previous occasion noted in the selloff coverage occurred during the August 22 market crash, making November 6 the first time it slipped beneath that threshold since, creating the 11-week low comparison.
Which Price Levels Did XRP Lose After Reaching $1.35?
The downward correction initially pulled XRP under $1.30 and subsequently below $1.20, eventually settling at $1.18 by 07:40 UTC on November 6.
What Is the Difference Between the 13 Million and 60 Million XRP Figures?
The first figure denotes tokens pulled out of exchange wallets, whereas the second reflects a weekly expansion in large-holder balances. Martinez identified them as separate indications of whale interest rather than a combined acquisition tally.
What Roles Would Depositors, Loan Brokers and Borrowers Have Under XLS-66?
Depositors allocate capital to a vault, loan brokers vet borrowers and coordinate lending agreements, and borrowers acquire funds to repay according to a predetermined schedule.
Does Reaching the Validator Threshold Activate XRPL Lending Immediately?
Hitting the 29-validator target triggers a mandatory two-week activation phase instead of immediate deployment. Support must stay at or above the necessary supermajority throughout this timeframe.
How Does LendingProtocolV1_1 Differ From the Main Lending Vote?
LendingProtocolV1_1 incorporates distinct adjustments like closed-ended vaults and modified interest accounting, holding 21 “Yes” votes compared to the 23 secured by the primary Lending Protocol upgrade.
