XRP Rises 231bps Ahead of US Employment Situation Report
Ripple (XRP) price rose 231 basis points (bps), or 2.31%, to $1.30 on Thursday, closely tracking a broad crypto market rebound driven by a macro risk-on shift after U.S. election uncertainty eased.
XRP’s gain aligns with a 3.03% rise in total crypto market cap, led by Bitcoin’s 3.31% surge. The rally followed the U.S. midterm elections, where Democrats won control of both chambers, easing immediate political uncertainty.
This, combined with falling oil prices and Treasury yields, supported a risk-on move across assets. As traders look for the next catalyst, analysts said the U.S. Employment Situation report on November 6 could influence macro sentiment and risk appetite.
On-chain data shows wallets holding ≥1 million XRP reached 2,147, a 2026 high, suggesting accumulation by large holders. Technically, XRP is trading above its daily pivot point of $1.29, with a positive MACD histogram indicating improving short-term momentum.
While not the primary driver, these factors provided a supportive backdrop for the price bounce. Sustained trading volume above the 24-hour $2.71 billion level would confirm buyer conviction.
XRP’s perpetual futures open interest rose 4.56% in 24 hours, the largest gain among five major assets, reaching $440.9 million. All markets had a positive funding rate of 0.0100% every eight hours, meaning longs pay shorts. 70.9% of accounts were positioned long.
This is bullish for XRP because rising open interest and positive funding typically reflect strong speculative demand and conviction among leveraged traders. It suggests fresh capital is supporting recent price momentum.
The immediate test is the $1.32–$1.34 resistance area, which has capped recent rallies. A decisive break above could target the 50-day simple moving average near $1.39. The key support is the $1.29 pivot and the $1.24–$1.25 zone, where significant buying emerged last week.
The bias is cautiously bullish above $1.29, but the move lacks a unique catalyst and remains vulnerable to broader market sentiment. The market is watching whether spot XRP ETF flows turn positive, providing a fresh demand channel.
XRP’s rise is primarily a beta play on a macro-relief rally, supported by steady whale accumulation. The path of least resistance is higher if it holds above $1.29. XRP Holds Firm as Ripple Gains Institutional Custody Via BNY
