thecryptobasic.com
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$XRP breakdown below a multi-month support structure has opened a potential path toward the $0.90 region, with Glyde co-founder Sweep warning that the asset appears headed for new cycle lows.
“$XRP looks like it’s going to new cycle lows,” Sweep said in his latest market update.
$XRP currently trades around $1.08, with CoinMarketCap showing a 24-hour range between roughly $1.08 and $1.16.
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The bearish setup centers on the loss of a neckline around $1.24-$1.25, which had supported $XRP repeatedly after its August breakout.
The Binance daily structure developed a broad topping formation between late August and early November.
$XRP initially rallied from around $1 in August to roughly $1.50-$1.55, before pulling back toward the $1.25 region. A second, stronger rally then pushed price toward approximately $1.65-$1.67, establishing the highest point of the structure.
Price subsequently returned to the same $1.24-$1.25 support before producing another weaker recovery toward roughly $1.40.
Those successive peaks resemble a head-and-shoulders structure: a lower first peak, a higher central peak and a lower final peak, all supported by a common neckline.
The key development came when $XRP finally lost that neckline in early November.
The Crypto Basic had previously identified the loss of the $1.26 area as a major deterioration in $XRP’s short-term structure.
The first major downside objective after the breakdown was around $1.10.
$XRP has now reached that area, with the latest completed daily session falling as low as approximately $1.075 before closing near $1.098. Daily RSI also dropped below 30, confirming oversold momentum, though not yet a reversal. The Crypto Basic’s Nov. 10 Price Desk recorded RSI at 26.69.
The $1.10 region also overlaps with Fibonacci support that has been closely watched during the decline. Recent $XRP analysis identified $1.09-$1.10 as a major Fibonacci convergence.
With that target now tested, the question becomes whether buyers can establish a lasting floor.
The projected bearish path extends toward approximately $0.90-$0.92.
From $XRP’s current price around $1.08, a move to $0.90 would represent another decline of roughly 16.7%.
That region is technically important because it intersects a long-term descending support line that extends from $XRP’s earlier 2026 lows.
It also overlaps with other independent downside structures. Previous The Crypto Basic coverage identified roughly $0.90 as the next major support below $1.
A move into that zone would also undercut $XRP’s August low near $1, thereby establishing the new cycle low anticipated in Sweep’s scenario.
The $0.90 projection remains conditional.
$XRP would first need to fail the current $1.07-$1.10 support region and then lose the psychological $1 level before the deeper target becomes increasingly relevant.
Conversely, the bearish structure would begin weakening if $XRP stabilizes and reclaims the former neckline around $1.24-$1.25.
A stronger reversal would require price to recover beyond the sequence of lower highs that has developed since September.
For now, the neckline breakdown remains intact, and $XRP is trading below the major support levels that previously held the broader range together. The immediate test is whether buyers can defend $1.07-$1.10 or whether the selloff extends toward $1 and ultimately the $0.90 region.
