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.

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.

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.