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.
The bearish setup centers on the loss of a neckline around $1.24-$1.25, which had supported XRP repeatedly after its August breakout.
XRP Breaks Below a Multi-Month Neckline
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.
$1.10 Support Has Already Been Reached
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.
New Cycle Low Scenario Points Toward $0.90
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.
What XRP Must Reclaim to Weaken the Bearish Setup
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.