The cryptocurrency market is witnessing significant selling pressure on tokens such as XRP, NEAR, Hyperliquid, and Stellar. XRP is trading at $1.096, struggling below important moving averages. Meanwhile, NEAR continues its recent decline, Hyperliquid shows short-term weakness, and Stellar has seen significant devaluation from its September highs.
XRP Struggles to Maintain $1 Amid Market Volatility
XRP traders have set their sights on the $1 mark as a key threshold. Despite briefly rallying to $1.34, the token has since slipped back, approaching levels last seen during the summer’s downturn. The decline from its recent peak now stands at approximately 18%.
In the short term, the $1.075 mark is the immediate focus, followed by support in the $1.03 to $1.05 range, and crucially, the $0.99 to $1.00 band. The formation of higher lows and a stronger fundamental outlook are pivotal for rebalancing XRP’s trajectory.
The XRP Ledger serves as the blockchain framework for recording transactions and managing asset movements. A recent amendment, activated on November 4, fixed a vulnerability that allowed certain accounts with burning authority to mint tokens under specific conditions.
The amendment introduced on November 4 addressed a specific flaw but did not impact XRP’s native supply.
Despite technical indicators suggesting oversold conditions, the RSI falling below 30 alone isn’t sufficient for recovery. A short-term rebound to the $1.15 to $1.20 range is key, while a more substantial trend reversal requires nearing the $1.30 to $1.35 range.
Weakness Persists for NEAR and Hyperliquid Tokens
NEAR commenced November after surrendering much of its September gains. Once flirting with the $6 benchmark, the token fell to $3.66 by November 9, marking a 39% drop from its local peak. The weakening trading volume indicates buyers have yet to fully return with significant strength.
Bitwise, an asset management firm known for digital asset investment products, launched its NEAR spot ETF on September 29. By November 5, the fund held 15.69 million NEAR, valued at $58.21 million, with 99% of its portfolio reportedly staked.
For Hyperliquid, the HYPE token trades around $75, with exchange data showing selling pressure exceeding buy support. Immediate support lies between $72 and $73, with $68 as a more extended average range. The first recovery zone is poised between $78 and $80.
Stellar Prepares for Crucial Network Upgrade Vote
Stellar’s native asset XLM has dipped below $0.15, declining 37% from its September high of $0.235. The price’s continued position below major moving averages underscores the enduring downtrend, with RSI and volume indicators offering little sign of strengthening.
On the fundamental side, Stellar’s upcoming highlight is the Bell Protocol 30 upgrade vote scheduled for November 23. This update promises features such as multiparty transactions via a single contract address, post-quantum signature verification, and millisecond ledger timing.
The Bell Protocol 30 upgrade is expected to offer new technical capabilities to enhance the network’s future flexibility and resilience.
