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XRP Makes Surprising 12% Jump, Here's Why

Fri, 11/04/2022 - 11:42
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Tomiwabold Olajide
Continuation of rise might target $0.512 high
XRP Makes Surprising 12% Jump, Here's Why
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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.

XRP/USD Daily Chart, Courtsesy: TradingView

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.

XRP Suddenly Jumps 8%, Here Is Striking Thing About This Latest Price Increase

A 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.

XRP Forms Its First "Golden Cross" in Months: Details

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.

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.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.