JAKARTA - On September 12, 2024, the transaction tracking platform Whale Alert reported that whales (large holders) had released 39.32 million XRP tokens worth 21.13 million US dollars (IDR 325 billion) to the Bitstamp exchange. This move is predicted to trigger a significant price decline, strengthening the bearish sentiment that has developed among investors.
With XRP currently trading around 0.535 US dollars (IDR 8,244), a decline of more than 1.12% occurred in the last 24 hours. Meanwhile, XRP trading volume actually increased by 25% during the same period, indicating higher trader participation amid the downward price trend. This sell-off occurred when the XRP price was retesting the breakdown level at 0.545 US dollars (IDR 8,398), which strengthens the signal that the bearish trend is still dominating.
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According to Coinpedia information, technical analysis shows that XRP is currently below the 200-day Exponential Moving Average (EMA), a strong signal that the price is in a downtrend. The crucial support level is at $0.531, and if it fails to hold, XRP could fall by up to 10%, heading towards $0.475.
The Relative Strength Index (RSI) for XRP is in the oversold zone, which means a potential price reversal is likely in the near future. However, selling pressure from whales and the negative trend in the market still dominate the price movement.
According to data from Coinglass, the key liquidation levels are located at $0.521 on the downside and $0.543 on the upside. If the price of XRP falls to $0.521, about $11.04 million (IDR 170 billion) of long positions could potentially be liquidated, while if the price rises to $0.543, about $7.07 million (IDR 108 billion) of short positions could be liquidated.
The ratio of XRP traders' long/short positions in the last four hours shows that 53.64% of traders are short, while 46.36% are long. This indicates that the majority of the market is currently bearish, and there is potential for increased selling pressure in the near term.
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