XRP whales begin to sell as stagnation continues

• The Bollinger Bands have been crushing the XRP daily chart for over a month.
• Only a daily close of candles above $ 0.26 or below $ 0.23 will determine the direction of the trend.

Ripple’s bulls managed to push the price from $ 0.235 to $ 0.26 between Nov 2 and 6, breaking out of the 50-day SMA in the process. However, since then, the price has found it difficult to increase further. Let’s see how the cross-border remittance token will behave in the near future.

Ripple freezes following uninspired price movement

The Bollinger Bands have been squashing the XRP daily chart for over a month as the prices provide no signal of where they are headed next. From now on, it will be a mistake to enter a trading position. Only a daily close of candles above $ 0.26 or below $ 0.23 will determine the direction of the trend.

XRP / USD daily chart

The whale actions further exacerbated the negative outlook towards Ripple. According to Santiment’s cardholder distribution table, the number of addresses holding 1 to 10 million tokens dropped from 1,352 on November 7 to 1,338. This is an extremely negative sign as it adds a lot of selling pressure to the market.

XRP Tenant Distribution

Ripple is currently in a no-trade zone. As of now, it is difficult to predict the movement of the top-5 cryptocurrency. However, the behavior of the whales suggests that the price is likely to fall, following continued selling pressure.