Veteran Trader Is Waiting For This to Happen Before Buying More XRP

XRP has spent months inside a well-defined descending channel, and the lower boundary is now being tested.

Trader and analyst Crypto Michael (@MichaelXBT) is watching closely. He revealed in a post that he closed a short position at $1.22 and is waiting for confirmation before committing to the other side of the trade.

XRP Holds At a Critical Level

After the rally in August that pushed to around $1.70, XRP has carved out a consistent pattern of lower highs and lower lows inside a descending channel. The asset now sits at $1.0878, pressing against the lower boundary of that channel.

Crypto Michael noted that XRP is at crucial support. The lower channel line has defined the floor of this structure throughout the entire move. A hold at this level would be significant.

XRP is at key support here.

I closed my XRP short at $1.22 and have been waiting for confirmation of a bottom before buying again.

We should be close. pic.twitter.com/y06Fw8dPrN

— Crypto Michael (@MichaelXBT) November 9, 2026

A Disciplined Exit Sets Up the Next Trade

Crypto Michael’s short was well-timed. He entered during the broader decline and closed at $1.22, capturing a solid portion of the move downward. Rather than immediately flipping long, he stepped aside. He is “waiting for confirmation of a bottom” before buying again.

That patience is deliberate. XRP has continued lower since his exit, reaching $1.0878 at the time of his post. His decision to wait has kept him out of the chop between $1.22 and current levels.

What the Channel Structure Shows

The descending channel on the daily chart runs from mid-August through early November. The upper boundary has consistently capped relief rallies. Each attempt to push higher has stalled and reversed. The lower boundary has provided temporary support at multiple points, though price has continued to grind lower overall.

The current price is sitting directly on that lower boundary. The channel support zone sits between roughly $1.05 and $1.09. A sustained hold above this area is the first requirement for any bullish case to develop.

If price stabilizes here and begins to build structure, the mid-channel area around $1.20 to $1.35 becomes the initial area of interest on any recovery. The upper boundary of the channel sits higher, but that target only becomes relevant after XRP proves it can reclaim ground.

Confirmation is the Key

Crypto Michael has not called a bottom yet. He has identified a level where that bottom could form and stated he is waiting for confirmation before acting. That distinction is important. The channel support is a zone to watch, not a guaranteed reversal point. He believes the trade is close, but his approach prioritizes evidence over anticipation.