Ripple’s price looks poised for a pullback before XRP resumes its uptrend

• The ripple price is currently showing signs of weakness over various time periods.
• The cryptocurrency market plummeted briefly but managed to recover almost instantly in the past 24 hours.

Like the rest of the market, Ripple’s price quickly dropped from $ 0.681 to $ 0.56 within minutes before quickly recovering over the next hour, currently trading at $ 0.638. It looks like XRP may still be poised for a short-term pullback, according to a strong indicator.

Ripple’s price could drop as low as $ 0.5 before continuing its bullish trend

On the 4-hour chart, the TD sequential indicator presented a sell signal that has already had a following. Furthermore, it is close to posting the same sign on the 12-hour chart within the next eight hours.

XRP / USD 4 and 12 hour charts

Validation of the signals could push Ripple’s price to the psychological level of $ 0.60 and down to $ 0.47, the 50 SMA on the 4-hour chart. Furthermore, it appears that some metrics on the chain have also turned bearish for XRP.

XRP Network Growth Chart

XRP’s network growth has declined significantly since its peak on Nov.24. Although Ripple’s price managed to recover quite well from its drop to $ 0.48 on November 26, network growth has remained low.

XRP Tenant Distribution Chart

On the other hand, the number of whales holding 10,000,000 or more XRP coins has increased by three in the past 24 hours. This statistic has been in a strong uptrend since November 20, indicating that large investors are deeply interested in XRP. If the sell signals are invalidated, we could see Ripple’s price jump quickly to the 2020 high of $ 0.78.