ETH, XRP, ADA, BNB and HYPE slide as sellers dominate

What happened

Major cryptocurrencies moved sharply over the past 48 hours as trading reacted to the conclusion of the US midterm elections, according to CryptoPotato's November 6 analysis of ETH, XRP, ADA, BNB and HYPE. Ethereum rallied about 10% before surrendering the entire gain a day later, which left its weekly performance roughly flat and reconfirmed $2,400 as a ceiling.

XRP ended the week about 6% lower and was trading near $1.2 at the time of CryptoPotato's post. Cardano was on course to close a fifth consecutive red weekly candle after a 5% decline, while Binance Coin slipped 4% on the week and was testing the $690 support area. Hyperliquid was the weakest of the five, closing the week 17% lower after a rally toward its $97 all-time high was fully reversed within a week.

A separate analysis from The Crypto Basic, covering BTC, XRP, NEAR, INJ and HYPE, described Thursday as a heavy session. XRP fell 7.55% to close at $1.20560, with its intraday low of $1.19797 coming within about $0.001 of the October 30 low of $1.19685. HYPE dropped 8.58% to $76.55, breaking below Wednesday's $81.00 low and finishing under $78.08, the low from the October 29 session.

The Crypto Basic also reported that HYPE's Thursday range of $76.09 to $84.84 spanned $8.75, well above the 14-day average true range of $5.07 entering the session, and that the close sat just $0.46 above the day's low. Injective was the exception among the assets covered, posting a third straight daily gain to close at $8.144, up 2.57%.

Why it matters

The reports frame the coming sessions around specific price levels rather than broad sentiment. CryptoPotato said Ethereum's correction looks far from finished and identified $2,000 as the first level with a chance of reversing the trend, with $1,800 below that. For XRP, it flagged $1.1 and $1 as the supports likely to be tested, noting that $1 held in August. Cardano's supports were placed at $0.18 and $0.16, with $0.15 last visited in June. For BNB, a loss of $690 would open the way toward $580, according to the outlet.

The Crypto Basic set out similar thresholds for XRP and HYPE. It said a daily close below $1.19685 would confirm a break of the October floor that Thursday's selloff narrowly avoided, while a close above $1.24333 would improve the case for a retest of $1.27214. For HYPE, a close back above $78.08 would recover the first broken support, $81.00 would carry more weight, and a close below $76.09 would expose the October 24 low of $74.33.

Background

CryptoPotato noted that Ethereum's decline has produced five consecutive red weekly candles with clear lower lows, and that Cardano is in a similar position, with the correction erasing more than half of the gains made during the August and September rally. It also said Hyperliquid's price action since the start of 2025 has formed a large bearish wedge that is close to resolving, and that a break below it would suggest the top was set at $97.

On Binance Coin, CryptoPotato referenced the recent Binance hack, which it described as the biggest in crypto history, and the reopening of withdrawals that saw roughly $5 billion leave the exchange. The Crypto Basic's XRP figures showed momentum weakening: the 14-day Relative Strength Index fell from 47.97 to 35.71, and the four-hour reading finished at 32.14, both below the neutral line but above the conventional oversold threshold of 30.

What to watch

Traders will be watching whether the cited supports hold on daily closes. For Ethereum, the focus is $2,000 and then $1,800; for XRP, $1.1 and $1; for Cardano, $0.18 and $0.16; and for BNB, $690 and then $580. On HYPE, the levels to watch are $78.08, $81.00 and $76.09, with $74.33 below that. CryptoPotato said BNB's path will likely depend on how Binance manages the fallout from the hack.

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