Ripple Price Analysis: XRP whales begin to sell as stagnation prolongs
- The Bollinger bands have been squeezing on XRP’s daily chart for over a month.
- Only a daily candlestick close above $0.26 or below $0.23 will determine the trend's direction.
Ripple bulls have managed to rally the price from $0.235 to $0.26 between November 2 to November 6, crossing above the 50-day SMA in the process. However, since then, the price has found it challenging to rally up even further. Let’s see how the cross-border remittance token will be behaving in the near future.
Ripple stalls following uninspired price movement
The Bollinger bands have been squeezing on XRP’s daily chart for over a month as prices provide no signal of where they are headed next. As of now, it will be a mistake to enter any trading position. Only a daily candlestick close above $0.26 or below $0.23 will determine the trend's direction.
-637408231318222589.png)
XRP/USD daily chart
The whales’ actions have further compounded the negative outlook towards Ripple. As per Santiment’s holders distribution chart, the number of addresses holding 1 million to 10 million tokens went down from 1,352 on November 7 to 1,338. This is a hugely negative sign as it adds a lot of selling pressure on the market.
 [05.35.58, 13 Nov, 2020]-637408230972238346.png)
XRP holders distribution
Ripple right now is in a no-trade zone. As of now, it’s difficult to predict the movement of the top-5 cryptocurrency. However, the whales' behavior suggests that the price is probably going to go down, following sustained selling pressure.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
