XRP, Hyperliquid, and Stellar Face Market Pressure: What You Need to Know

Market Overview: Major Altcoins Face Downward Pressure

The cryptocurrency market experienced a widespread pullback over the past 24 hours. Large-cap altcoins took a hit, falling by an average of around 5%. While major long-term support levels have not completely broken, the overall short-term trend remains tilted to the downside.

In this market review, we take a close look at three major assets navigating turbulent waters: RippleXRP-3.06%, HyperliquidHYPE+2.10%, and StellarXLM-1.17%. Each project is currently balancing technical chart challenges with important fundamental updates.

Ripple (XRP): Liquidations, Ledger Upgrades, and Technical Signals

XRP has drifted deeper into a longer-term downtrend recently. The move was fueled in part by a fresh wave of long position liquidations. Data from November 5 shows that over $12 million worth of long positions were wiped out.

When long liquidations spike like this, it indicates that buyers stepped in expecting higher prices, but sudden selling pressure forced their positions to close. This shift quickly shut down any brief bullish momentum.

Despite the price pressure, the XRP Ledger team successfully executed an important technical fix. On November 4 at 14:52 UTC, the network activated the Cleanup3_4_0 amendment.

This code fix removed a rare exploit that, under specific conditions, allowed accounts authorized to burn an issuer's tokens to also mint them. Network data confirms that the native supply of XRP was never impacted, and no bad actors utilized the flaw.

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XRP Price Scenarios and On-Chain Activity

On the price chart, XRP is struggling around the key $1.20 region. A brief spike in volume toward the 21-day Exponential Moving Average (EMA) pointed to a potential recovery, but low trading volume heading into the weekend slowed buyers down.

If trading volume recovers and broader market sentiment turns positive, XRP could experience a short-term local bounce back toward $1.25. Conversely, if market weakness persists and a bearish cross forms between the 50 EMA and 100 EMA, price momentum could decline further toward lower support levels.

It is also worth noting that while on-chain activity on the XRP Ledger remains high, much of it is currently driven by automated trading bots and automated scripts rather than fundamental end-user adoption.

Hyperliquid (HYPE): Regulatory Milestones Amid Price Volatility

Hyperliquid (HYPE) dropped nearly 9% on November 5, pushing its price below $80 and testing its 100-day EMA level. Despite this chart weakness, the project announced major institutional steps forward.

Hyperliquid Strategies (PURR) formally disclosed that it has applied to become a registered U.S. Futures Commission Merchant (FCM). If approved by regulators, this milestone would allow Hyperliquid to onboard U.S. clients directly to its perpetual futures trading platform.

On the financial side, Hyperliquid reported a strong quarterly net income of $620 million, which included $803 million in unrealized HYPE gains. This follows an earlier announcement on October 29 regarding a separate ICE-Trade agreement documented in SEC filings.

HYPE Key Technical Levels to Watch

From a technical standpoint on the daily chart, HYPE recently bounced near a local support zone around $77. However, maintaining this level will depend heavily on broader market conditions.

The Relative Strength Index (RSI) momentum indicator is moving down toward 40. While oversold conditions can lead to short-term relief rallies, recent volume growth during down moves shows that sellers remain active.

HYPE formed a lower high in early October and another lower high in early November, which typically indicates an ongoing downward trend structure. Traders are watching three specific price levels:

• Psychological Support ($80): The immediate round-number barrier buyers are defending.
• 200 EMA Support ($68): The primary long-term moving average acting as the next major structural floor.
• Trendline Resistance ($84 - $89): Breaking above trendline resistance at $84 could set the foundation for a recovery test toward $89.

If buying volume returns and HYPE clears the $84 resistance level, the asset may attempt a recovery toward $89. On the other hand, if market-wide selling intensifies and $80 breaks decisively, the price could slide to test the 200 EMA around $68.

Stellar (XLM): Network Protocol Upgrades vs. Chart Weakness

Stellar (XLM) recently declined toward the $0.157 mark. This price point aligns closely with where XLM's prior major upward rally originally began, making it an important historical zone.

Technical moving averages on the XLM chart are fanning out rather than converging, which generally points to an accelerating trend to the downside. Additionally, a technical 'death cross' pattern occurred in late October, accompanied by elevated trading volume that reinforced the move.

Protocol 30 Upgrade Arrives on Testnet

On the fundamental side, Stellar reached a major technical milestone. The network launched Bell (Protocol 30) on its testnet on November 3.

Protocol 30 brings key technical enhancements to the Stellar ecosystem:

1. Post-Quantum Signatures: Adds quantum-resistant signature verification for smart contracts on the network.
2. Millisecond Timestamps: Enables high-precision millisecond ledger timestamps for contract execution.

Stellar mainnet validators are scheduled to vote on this upgrade on November 23 at 17:00 UTC. If approved, these features will go live on the main network for all users.

XLM Liquidations and Price Analysis

During the recent dip, XLM recorded approximately 500,000 tokens in long liquidations. Given Stellar's deep overall market liquidity, sub-one-million token liquidations have a relatively minor impact on spot market prices.

XLM's Relative Strength Index (RSI) is hovering near 30, placing it in oversold territory. While oversold RSI levels often signal that selling momentum is getting stretched, prices can still remain soft during strong downtrends.

If XLM holds its current baseline around $0.15, the price could enter a sideways consolidation phase ahead of the mainnet vote on November 23. However, if broader crypto market stress breaks the $0.15 support floor, XLM could experience further downside risk toward lower historical support zones.

Summary for Crypto Investors

The crypto market is currently navigating a period of technical consolidation. While fundamental progress—such as XRPL's bug fixes, Hyperliquid's U.S. regulatory filings, and Stellar's post-quantum upgrades—continues at a steady pace, technical charts across XRP, HYPE, and XLM highlight ongoing downside risks.

Market participants should monitor key support levels, stay updated on upcoming network validator votes, and always manage risk carefully during volatile market conditions.