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Ripple whales sold 39.32 million XRP tokens worth $21.13 million to Bitstamp.
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XRP could fall 10% to $0.475 if it fails to hold at $0.531.
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53.64% of the top XRP traders were short, while 46.36% were long.
Ripple’s native token XRP is expected to fall in price as whales dump millions of XRP tokens while the price retests the $0.545 breakout level. On September 12, 2024, transaction tracker Whale Alert posted on X (formerly Twitter) that Ripple whales dumped 39.32 million XRP tokens worth $21.13 million to Bitstamp.
Additionally, the XRP Relative Strength Index (RSI) is in oversold territory and signals a potential price reversal.
Basic levels of liquidation
According to Coinglass, the main liquidation zones are currently around $0.521 on the downside and $0.543 on the upside as traders are over-leveraged at these levels.
If sentiment remains bearish and the price of XRP falls to $0.521, long positions worth about $11.04 million will be liquidated. Conversely, if sentiment changes and the price rises to $0.543, short positions worth about $7.07 million will be liquidated.
Coinglass data on XRP long/short ratios shows that over the last four hours, 53.64% of top XRP traders were short, while 46.36% were long.
Combining all this data, we can conclude that the asset is controlled by “bears”, who can potentially increase the pressure from sellers.
