Ripple price remains resistant to actions from whales and continues to re-establish its correlation with Bitcoin prices with a strong upside move this Thursday. Data from XRPscan shows that co-founder or Ripple and its tech chief had cleared out nearly 40 million XRP tokens from his wallet, bringing his total sales of the XRP token to 2.25 billion XRP.
A lot of these tokens were paid to Caleb as compensation for his work with Ripple as the company’s co-founder. This latest move by a crypto whale did not affect the market much, as Ripple price added 4.14% as of the time of writing.
Technical Levels to Watch
Ripple price has cleared the 0.50650 price level with an intraday bullish violation. However, the active daily candle is yet to reclaim daily highs. Therefore, it might be prudent to wait for breakout confirmation from the next candle, which needs to close above the 0.50650 mark for confirmation.
Once the breakout is confirmed, then the bulls could initiate a run towards 0.59059. However, this move needs to take out the resistance at 0.55025 mark.
The ascending trendline remains the relevant support to recent price action. A pullback that breaks apart this trendline could allow for a bearish run towards 0.43990, with 0.38473 and 0.33146 lining up as potential downside targets in the near-term.
Ripple Price; Daily Chart