XRP Price Prediction: Liquidation Looms as Ripple Whales Dump Millions
Zameer Attar12 Sept 20242 min read
Ripple’s native token, XRP, is facing a potential price drop as whales sell off millions of tokens, while the price struggles around the $0.545 breakdown level. On September 12, 2024, Whale Alert, a transaction tracker, reported that Ripple whales moved 39.32 million XRP tokens, worth $21.13 million, to the exchange Bitstamp.
Regular development or reason to panic? Let’s explore.
Whale Sell-Off Triggers Bearish Outlook
The large-scale sell-off by whales has added to the bearish mood, coming as XRP tested its $0.545 breakdown level.
At the time of writing, XRP is trading around $0.535, down 1.12% in the past 24 hours. Despite this price drop, trading volume jumped by 25%, showing increased trader participation even as the price dipped.
XRP Price Prediction
XRP’s technical signals suggest the possibility of further declines. The token is trading below the 200-day Exponential Moving Average (EMA), a key indicator of weakness. It is currently holding support at $0.531, but if this level fails, XRP could slide by 10%, with the next support level at $0.475.
Meanwhile, XRP’s Relative Strength Index (RSI) is in oversold territory, hinting at a potential price rebound.
Major Liquidation Levels
As of now, the major liquidation areas are near the $0.521 level on the lower side and $0.543 on the upper side, as traders are over-leveraged at these levels, according to Coinglass.
If the sentiment remains bearish and the XRP price falls to the $0.521 level, nearly $11.04 million worth of long positions will be liquidated. Conversely, if the sentiment shifts and the price rises to the $0.543, approximately $7.07 million worth of short positions will be liquidated.
Coinglass’s XRP Long/Short ratio data shows that, in the past four hours, 53.64% of top XRP traders have taken short positions, while 46.36% have taken long positions.This suggests that bears currently have the upper hand, with selling pressure likely to increase if the sentiment stays negative.
As whales continue to offload XRP and technical signals remain weak, Ripple’s native token could face further declines in the coming days.
Read Also: Global Crypto Adoption Index 2024 Reveals Top Performers; India Leads
The next few days will be crucial for XRP’s fate. Keep a watch here!
