Ripple Whale Dumps 40 million XRP, Price Crash Imminent?

Ripple’s native token XRP faces a worth drop as whales dump hundreds of thousands of XRP tokens as the worth retests the $0.545 breakdown degree. On September 12, 2024, transaction tracker Whale Alert posted on X (previously Twitter) that Ripple whales transferred 39.32 million XRP tokens, value $21.13 million, to Bitstamp.

Ripple Whales Latest motion

This XRP dump by whales has made the general sentiment extra bearish, as was the case when the worth retested its $0.545 breakdown degree.

On the time of writing, XRP is buying and selling round $0.535 and has skilled a worth drop of over 1.12% up to now 24 hours. In the meantime, buying and selling quantity has elevated by 25% over the identical interval, indicating higher dealer participation regardless of the worth drop.

XRP Worth Prediction

Skilled technical evaluation warns that XRP seems bearish because it trades beneath the 200 Exponential Transferring Common (EMA) on a each day time-frame. At the moment, it’s getting first rate assist on the USD 0.531 degree. If XRP fails to carry this assist degree, it’s more likely to fall 10% to the $0.475 degree.

Furthermore, XRP’s Relative Power Index (RSI) is in oversold territory, indicating a possible worth reversal.

Main liquidation ranges

At the moment, the primary liquidation areas are close to the $0.521 degree on the draw back and $0.543 on the upside as merchants are over-leveraged at these ranges, based on Mint glass.

If sentiment stays bearish and the XRP worth falls to the $0.521 degree, almost $11.04 million value of lengthy positions will probably be liquidated. Conversely, if sentiment modifications and the worth rises to $0.543, quick positions value roughly $7.07 million will probably be liquidated.

Coinglass’s XRP Lengthy/Quick Ratio knowledge exhibits that within the final 4 hours, 53.64% of the highest XRP merchants took quick positions, whereas 46.36% took lengthy positions.

Combining all this knowledge, it seems that bears management the property and have the potential to extend promoting strain.