XRP price made a surprising jump, rising from a low of $0.453 to reach a high of $0.507, why?

By Selena On Nov 5, 2022

The XRP price increased unexpectedly on November 4, increasing from a low of $0.453 to a high of $0.507 at the time of writing. Bulls used the previous day’s comeback from $0.448 lows to propel XRP higher.

XRP Price Makes Surprising 12% Jump, Here’s Why

Since breaking through the $0.51 barrier on Oct. 14, XRP has slumped to trade between $0.422 and $0.483, where it has been until now. This presented an opportunity for holders to accumulate before the latest price rise.

A continuation of the increase could aim for the $0.512 high hit on October 14. If the bulls break over this critical level, the next target might be $0.558. Buyers may benefit from the daily RSI going into positive territory around 60. Similarly, creating a bullish golden cross on the daily chart may provide an advantage.

A revival of purchasing pressure could allow holders to ride an uptick to $0.60. On the other hand, a drop from current levels might find support between $0.42 and $0.45.

XRP/USD 4-hour chart | Source: TradingView

At the time of publication, XRP was trading at $0.4961, up 8% in the previous 24 hours and 7.5% in the last week.

Service for tracking cryptocurrency whales Several transactions involving XRP transferred between exchanges and unknown wallets have been reported by Whale Alert.

🚨 🚨 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, in the previous 24 hours, 136.6 million XRP were transferred in two lump sums from Ripple-friendly exchange Bitso to undisclosed whale wallets. Two transactions totaling 53,200,000 XRP ($24,275,472) and one totaling 83,400,000 XRP ($37,820,802) were reported by the crypto data tracker from Bitso to unknown wallets. On November 3, another 23,371,175 XRP worth $10,563,718 were transferred from Bitstamp to an unknown wallet, while 140 million XRP were transferred between wallets the day before.

Controversial crypto blogger applies for Ripple executive job in Singapore

Ben Armstrong, commonly known as BitBoy, a controversial crypto blogger, has applied for the position of Director of Strategy and Operations at Ripple Singapore. Armstrong congratulated the CEO, Ripple Labs, and members of the XRP community, saying he was inspired by the company’s current CTO David Schwartz.

Make sure to look out for the Sequel, “BitBoy’s Future HINGING on Ripple! (Singapore’s NEWEST Recruit)” pic.twitter.com/RQgDkOCRB7

— Ben Armstrong (@Bitboy_Crypto) November 4, 2022

BitBoy’s comment is, of course, a joke, and it is the latest in the blogger’s infatuation with the XRP army. Remember that the influencer recently received a harsh reaction from the community when an old video of Armstrong calling XRP supporters delusional surfaced.

As the blogger’s frustration grew, he apologized, described the issue, and declared himself the supreme head of the XRP army. Although BitBoy’s active involvement and XRP shilling have sparked significant debate in the community, some established members believe that such a prominent influencer benefits the coin. According to pro-XRP activist and crypto lawyer John Deaton, Armstrong’s involvement brings additional attention to the SEC’s “unfair” — in the community’s opinion — Ripple action.

The legal fight between the SEC and Ripple over the company’s actions and the status of XRP is heating up. Cryptillian Payment Systems, for example, has petitioned the court to file a petition in favour of XRP.

According to Brad Garlinghouse, Ripple’s CEO, 12 independent financial organizations have pledged legal support to the crypto business against the regulator.

Read more:

Join us on Telegram