Ripple (XRP) posted 5.50% gains over the last seven days as Bitcoin (BTC) led a significant crypto market recovery. The rise culminated in the token’s jump above the $0.50 psychological resistance. At press time, XRP exchanged hands at $0.55. However, there could be some concerns...
- XRP rose above the $0.50 psychological zone after its earlier 5.50% rise.
- Whales sold, and an overbought condition could lead the XRP price downwards.
- The bullish bias has not entirely been neutralized despite the current sellers’ presence.
Ripple (XRP) posted 5.50% gains over the last seven days as Bitcoin (BTC) led a significant crypto market recovery. The rise culminated in the token’s jump above the $0.50 psychological resistance.
At press time, XRP exchanged hands at $0.55. However, there could be some concerns as regards the XRP price action. On October 29, whale tracking platform Whale Alert revealed that XRP worth $14.82 million was transferred into the BitStamp exchange.
When a large transfer like this occurs, it is a sign of a notable sell-off. The selling pressure was evident in the XRP/USD 4-hour chart as the price trended downwards. However, XRP showed strength as the token resisted a sharp plunge.
Despite the stability displayed, XRP was still at risk of a nosedive. This was indicated …
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