Crypto is again in “red” today, and this time XRP is taking one of the hardest hits among the largest assets. Bitcoin has fallen toward $75,300, Ethereum is near $2,220, and XRP has dropped t
Crypto is again in “red” today, and this time XRP is taking one of the hardest hits among the largest assets.
Bitcoin has fallen toward $75,300, Ethereum is near $2,220, and XRP has dropped to roughly $1.18, down more than 7% over the past 24 hours.
The latest decline is not being driven by one crypto-specific disaster.
It is coming from a nasty combination of collapsing risk appetite, heavy ETF outflows, forced liquidations and another surprisingly strong U.S. jobs report.
The first wave of selling started on Wall Street.
The Nasdaq Composite fell 5.5% on November 5, while the Nasdaq 100 dropped 6.4% and the Philadelphia Semiconductor Index collapsed 12%.
Bitcoin followed risk assets lower as investors dumped crowded AI and semiconductor trades. Analysts cited concerns that political changes following the U.S. midterms could slow data-center expansion, adding to existing doubts around the huge capital being spent on AI infrastructure.
BREAKING: The Nasdaq 100 extends gains to +2.4% on the day as chip stocks add nearly +$600 billion worth of market cap at the open. https://t.co/GnKprJivnX
— The Kobeissi Letter (@KobeissiLetter) November 6, 2026
Crypto held up better than many technology stocks initially, but the damage spread quickly.
More than $1.26 billion in leveraged crypto positions were liquidated in 24 hours, including approximately $1.12 billion in longs.
That forced selling turned an ordinary risk-off move into something much more violent.
Another problem is the lack of strong spot demand.
U.S. spot Bitcoin ETFs had approximately $430 million in net outflows on Thursday, led by roughly $200 million leaving Fidelity’s FBTC and another $105 million from BlackRock’s IBIT.
Those redemptions reversed Wednesday’s modest $74.6 million inflow.
Total net ETF outflows for the week through Thursday reached almost $870 million.
That is important because Bitcoin does not currently have the same institutional bid underneath it that helped absorb previous corrections.
When leveraged traders are being liquidated and ETF investors are also withdrawing money, there are fewer buyers available to catch the fall.
Read also: Analyst Says Bitcoin’s Bear Market Has Only a Few Months Left
Friday’s labor report gave crypto another macro headache.
The U.S. economy added 165,000 jobs in October, far above forecasts for only 65,000.
The unemployment rate also fell unexpectedly to 4.1%, compared with expectations for 4.2%.
The 10-year Treasury yield jumped more than six basis points following the release.
BREAKING:
— Bull Theory (@BullTheoryio) November 6, 2026US Unemployment came in at 4.1% Expectations: 4.2% The US economy added 165,000 jobs in October, 100,000 jobs higher than the expectations of 65,000. https://t.co/ahaWyEUJkx
That matters because stronger employment reduces the pressure on the Federal Reserve to ease monetary policy.
Markets had already started cutting expectations for another December rate increase because of the stock-market crash. A stronger jobs report makes that decision less straightforward.
Higher-for-longer rates are generally bad news for Bitcoin, Ethereum and other speculative assets.
XRP is now one of the weakest major cryptocurrencies.
The token is trading around $1.18, down roughly 7.4% over 24 hours and almost 5% for the week in your market snapshot.
That is especially important because XRP has completely erased the move that briefly carried it above $1.30 earlier this week.
The token has already lost the $1.26 support area that CasiTrades was watching, and price is now approaching the next technical zone around $1.10-$1.12.
FXStreet also notes that XRP remains trapped beneath its major moving averages, with bearish momentum still dominant. Roughly $22 million in XRP futures positions were liquidated over 24 hours.
This creates a very simple short-term map.
If XRP cannot stabilize around $1.18-$1.20, $1.125 becomes the next obvious area.
Below that, the stronger Fibonacci cluster around $1.09-$1.10 comes into focus.
A drop from $1.18 to $1.10 would be another decline of about 7%.
That would also put XRP dangerously close to the zone where traders have been waiting to see if a larger bottom can form.
Bitcoin is now back near the same $75,000-$76,000 area that has repeatedly acted as support during the recent selloff.
Holding that zone would at least give the market a chance to stabilize.
A clean break below it would likely trigger another round of deleveraging and put the lower $70,000s back into view.
For XRP, the margin for error is smaller.
The token needs to recover $1.20 first and then reclaim roughly $1.26 to reduce immediate downside pressure.
If that does not happen, $1.10 becomes difficult to ignore.
The key point today is that crypto is not collapsing because something suddenly failed inside Bitcoin or XRP.
Crypto is being hit by a broader risk-off shock, weak institutional flows, leverage being flushed out and U.S. economic data that keeps monetary policy restrictive.
That combination is especially painful for assets like XRP, where several important support levels have already been lost.
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The post Why Is the Crypto Market Again Crashing Today? (XRP Is Getting Smashed!) appeared first on CaptainAltcoin.
