Rajarshi Mitra
Independent Analyst
- 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.
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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.
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