Ripple price explodes by 15% following Bitcoin’s new all-time high

• Ripple price has seen a massive spike towards $0.52, a 15% move, thanks to Bitcoin’s breakout above $20,000.
• The digital asset remains inside a downtrend despite the recent price move.

Ripple had a massive pump towards $0.78 following the announcement of Spark’s airdrop. Unfortunately, after the event ended on December 12, Ripple price continued declining and established a clear daily downtrend.

Ripple price climbs above $0.50 but remains bearish

Despite the newest price spike thanks to Bitcoin’s new all-time high, XRP still trades inside a daily downtrend and hasn’t been able to recover the 26 EMA support level. Bears remain in control as there is very little support to the downside. 

XRP/USD daily chart

However, in the short-term, bulls might see further upside action as the TD Sequential indicator has just presented a buy signal on the 4-hour chart. The MACD also turned bullish, which adds credence to the signal.

XRP/USD 4-hour chart

The only resistance level is at $0.53, where the 26 EMA currently sits. A breakout above this point would quickly push Ripple price towards $0.60. Additionally, the number of whales holding at least 10,000,000 coins has increased by seven over the past four days.

XRP Holders Distribution

The amount of large holders is in an uptrend since November 1, which indicates they are willing to hold and buy more XRP coins despite the price going up. This shows that whales have strong hands and believe that the value of XRP should be higher.