$XRP is still grinding inside the big down channel, and I’m watching the $1.11 floor closely.

The break out of the internal wedge has already pushed the move lower, but this is now getting into the macro support zone where the whole selloff can start to slow down. If price sweeps that area and holds, it looks more like a capitulation low than a clean breakdown.
Late shorts are leaning into the move here, so the reaction off this floor matters a lot. If bulls can secure it, that opens the door for a sharp recovery back toward the upper side of the channel. If we lose it on a daily close, the bearish read stays intact and the channel floor is no longer doing its job.