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XRP made a surprising jump on Nov. 4, rising from a low of $0.453 to reach a high of $0.507 at the time of writing. Bulls leveraged on the prior day's rebound from lows of $0.448 to propel XRP higher.
Since its move above the $0.51 mark on Oct. 14, XRP declined to enter into a range between $0.422 and $0.483, where it remained until this recent move. This provided an accumulation opportunity for holders leading up to the recent price spike.
A continuation of the rise might target the $0.512 high reached on Oct. 14. If the bulls surmount this key level, the next target might be the $0.558 level. The daily RSI moving into positive levels around 60 might present an edge to buyers. Likewise, the formation of a bullish golden cross on its daily chart might provide an edge.
Tomiwabold OlajideA resurgence of buying pressure could provide holders the opportunity to ride an upswing to the $0.60 mark. On the other hand, a decline from current levels might find support between the $0.42 and $0.45 levels.
At the time of publication, XRP was changing hands at $0.495, up 8% in the last 24 hours and 7.5% in the past week.
Significant amount of XRP shuffled in last 24 hours
Cryptocurrency whale tracking service Whale Alert has reported several transactions involving XRP transferred between exchanges and unknown wallets.
🚨 🚨 53,200,000 #XRP (24,275,472 USD) transferred from #Bitso to unknown wallethttps://t.co/rOlPfI5w7M
— Whale Alert (@whale_alert) November 4, 2022
Notably, 136.6 million XRP were moved in two lump sums from Ripple-friendly exchange Bitso to unknown whale wallets in the last 24 hours. Two transactions of 53,200,000 XRP worth $24,275,472, and then one of 83,400,000 XRP ($37,820,802) were transferred from Bitso to unknown wallets and were reported by the crypto data tracker.
Another 23,371,175 XRP worth $10,563,718 were moved from Bitstamp to an unknown wallet on Nov. 3 while, a day before, 140 million XRP were moved between wallets.
Alex Dovbnya
Vladislav Sopov
Dan Burgin