- Ripple price testing $0.25 resistance
- Breaking past $0.25 could send Ripple towards $0.30
- XRP whales declining
Ripple price general overview
Ripple price found firm support near the $0.23 price level at the beginning of the month. The XRP/USD pair bounced from this anchor point to kickstart a recovery trend upwards on October 4. Furthermore, the XRP/BTC pair has also broken from a two-month descending trendline to trigger a bullish run.
XRP/USD price movements over 24 hours
A bullish trajectory has dominated the past 24 hours after XRP bulls finally found a strong support near the $0.23 price level. Ripple opened the day trading at $0.25065 after closing the previous day at $0.25033. The highest price of the say so far is $0.25924 from a low of $0.25036. The 4th largest cryptocurrency by market cap is currently trading at $0.2568.
Ripple price 4-hour chart
From the chart, it is clear the XRP/USD pair has been on a bearish trajectory for about two months. After breaking from the descending trendline, Ripple’s price action ascended towards the sell-off zone near $0.25 price level. The bulls are currently testing the resistance at this point to open up further upside momentum.
XRP token holders distribution
Despite the bullish signs being flashed by XRP, it appears that XRP whales are on a decline. As per Santiment’s data on XRP Holders Distribution, whales with a minimum of 10,000,000 XRP tokens have declined from October 1 by 13.
Given that investors are still selling despite an upside break, the likelihood for Ripple price action to be turned down at $0.25 is very strong. If the bulls fail to breach this level, XRP/USD would decline towards the $0.23 support and perhaps, even further.
Ripple price prediction
Looking towards the near term, if the bulls manage to clear off the selling pressure at $0.25, the next resistance point at $0.26. Further resistance levels lie near $0.27 and $0.28.
On the contrary, the first anchor point is located near a $0.24 price level. Further decline could send the XRP/USD pair towards $0.23, $0.2280, and even $0.22.
Ripple XRP came out as the best performing asset after weeks in the dark. Although XRP‘s latest market movements can be seen with almost the entire crypto market, XRP/USD pair outpaced all the rest after Ripple Labs managed to escape two fraud accusations. Last week, a U.S. court terminated a case involving Ripple allegedly breaching sections 17500 and 1722 of United States laws.
A class-action lawsuit against Ripple has been the most significant contributor to XRP‘s price woes for the past year. The blockchain firm was charged for distributing illicit security tokens in the shape of XRP. The insecurity clouding the legality of XRP tokens has impeded its bullish momentum. However, with the court dropping two of its cases, the token has displayed signs of bullishness.