XRP Sheds $7.8B in a Day as the $1 Line Comes Into View

XRP took the worst hit of any major crypto on Friday, November 6, sliding about 9.3% in 24 hours. The token fell from roughly $1.3 to $1.18, and its market cap shrank from $82.75 billion to $74.96 billion — a wipeout of about $7.8 billion, per CoinMarketCap. That made it the day's biggest loser by market value.

The pain wasn't isolated to XRP. A broad risk-off mood swept financial markets, with worries about potential regulation of artificial intelligence dragging U.S. equities lower and spilling into digital assets. Traders rushed to unwind risky positions: more than $1.2 billion in leveraged crypto bets were liquidated over the stretch, according to CoinGlass, and bullish longs absorbed most of the damage.

XRP's futures market felt the squeeze. Liquidations specific to XRP totaled just $23.21 million, but open interest nosedived 12.36% — a sign traders were slamming positions shut fast. Trading volume jumped 51.7% as sellers piled in, adding more fuel to the drop.

The chart didn't help either. After failing to crack resistance around $1.35, XRP surrendered its $1.2–$1.21 support zone, turning a rough day into a technical breakdown. The next line in the sand sits at $1.1–$1.15; holding there could let the token steady itself or even settle into a sideways stretch, while a clean break below would put the psychologically loaded $1 mark in play.

Sentiment has gone sour alongside the price. Analyst Ali Martinez noted the crowd is getting increasingly bearish on XRP, with social sentiment at its lowest since July. From a contrarian angle, he sees it as potentially constructive, arguing XRP may be forming an inverse head-and-shoulders bottom that traders haven't picked up on yet.

For now the tone stays bearish, and traders have another item on the radar: the U.S. October jobs report, which could sway the broader mood. A weak reading might deepen risk aversion — leaving XRP's ability to defend that $1.1–$1.15 zone as the deciding factor in whether this sell-off cools off or snowballs.