Ripple Whale Drops 40 Million XRP, Price Crash Coming?
Ripple's native token, XRP, is on the downside as the price retests the $0.545 breakout level as whales dump millions of XRP tokens. On September 12, 2024, trading watchdog Whale Alert posted on X (formerly Twitter) that Ripple whales had offloaded 39.32 million XRP tokens for $21.13 million to Bitstamp.
The latest action of the Ripple Whales
This whale dump of XRP made the overall sentiment more bearish, as the price tested the $0.545 breakout level.
At press time, XRP is trading around $0.535 and has seen a price drop of over 1.12% in the last 24 hours. Meanwhile, the transaction volume increased by 25 percent.
XRP price prediction
Expert technical analysis warns that XRP looks bearish as it is trading below the 200 moving average (EMA) on a daily time frame. It is currently finding good support at the $0.531 level. If XRP fails to hold this support level, there is a high possibility that it will drop by 10% to the $0.475 level.
Additionally, XRP's Relative Strength Index (RSI) is in oversold territory and is signaling a price reversal.
Main fluid levels
At the moment, the main liquidation areas are from the low level of $0.521 and from the upper side of $0.543, because traders are overextended at these levels, according to Koinlas.
If the sentiment remains weak and the XRP price falls to the $0.521 level, about $11.04 million worth of long positions will be lost. Conversely, if the sentiment changes and the price rises to $0.543, about $7.07 million worth of short positions will be liquidated.
Coinglass' XRP long/short ratio data shows that over the past four hours, 53.64% of top XRP traders have taken short positions, while 46.36% have taken long positions.
Combining all these data, it seems that the bears are controlling the asset and have the potential to increase the selling pressure.
