Crypto Price Watch: ETH, XRP, ADA, BNB, HYPE

Crypto Price Analysis: November 6

The cryptocurrency market has experienced significant volatility over the past 48 hours, coinciding with the conclusion of the US midterm elections.

Ethereum (ETH)

Ethereum saw a swift 10% rally in the last two days, only to relinquish all those gains within a 24-hour period. This price action has reconfirmed $2,400 as a key resistance level, leaving the weekly price chart flat. Sellers appear to be firmly in control, evidenced by five consecutive red weekly candles and consistently lower lows. Consequently, ETH is unlikely to see substantial upward movement and may instead seek support closer to the $2,000 mark. The correction for this leading altcoin is far from over, with $2,000 representing the first significant level that could potentially reverse the current trend. Should this support fail, bears are expected to drive the price down to $1,800.

Ripple (XRP)

XRP has endured a difficult week, closing 6% lower as sellers continue to exert dominance and push the asset to new lows. The cross-border payment token is currently trading around $1.2, but could soon face pressure towards key support levels at $1.1 and $1. The recent market turbulence appears to be accelerating XRP’s downtrend with no immediate signs of recovery. This suggests that sellers may be determined to test the $1 threshold before their momentum wanes. Looking ahead, XRP is likely to explore lower price points before finding a stable support. If the $1.1 level proves insufficient, buyers may step in to defend the price around $1, a level that demonstrated resilience in August.

Cardano (ADA)

Cardano is mirroring Ethereum’s performance, poised to close its fifth consecutive weekly candle in red. The token has fallen 5% this week, effectively erasing more than half of the gains achieved during its August and September rally. Buyers are hoped to emerge around current price levels, with significant support anticipated at $0.18 and $0.16. A breach below both these levels would force Cardano to re-test the $0.15 support, last seen in June. The outlook suggests that buyers must actively participate in the market to prevent a sharp decline back to July’s starting point, a scenario that would signal ADA’s inability to sustain current prices and potentially lead to further downward pressure.

Binance Coin (BNB)

Binance Coin has retreated to the critical support level of $690, where it is currently facing contention. Given the prevailing market conditions, sellers may hold the advantage, potentially leading BNB to fall to $580. The asset concluded the week 4% lower, succumbing to selling pressure. This comes in the wake of Binance experiencing the largest crypto hack in history, followed by the reopening of withdrawals which saw approximately $5 billion depart the exchange. The path forward for BNB is expected to be volatile as it searches for support and a new equilibrium, a process that will likely be influenced by Binance’s management of the hack’s aftermath.

Hyperliquid (HYPE)

Hyperliquid has experienced similar volatility, with its recent rally to an all-time high of $97 being completely reversed within a week. This led to a 17% weekly decline, making it the poorest performer among the analyzed cryptocurrencies. This shift in momentum is highly bearish and raises questions about whether the price has reached its peak, at least in the short term. More concerning is the formation of a significant bearish wedge since the start of 2025, which is nearing its resolution. If Hyperliquid fails to maintain its current price and drops below the wedge formation, it suggests that $97 was indeed the top, and it could take months, potentially into 2027, before the price is challenged again.