Ripple’s native token XRP, is posed for a price decline as whales dump millions of XRP tokens while the price retests the breakdown level of $0.545. On September 12, 2024, the transaction tracker Whale Alert made a post on X (Previously Twitter) that Ripple whales have offloaded 39.32 million XRP tokens, worth $21.13 million to Bitstamp.

Additionally, XRP’s Relative Strength Index (RSI) is in oversold territory and is flashing a potential price reversal.

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.

Combining all these data, it appears that bears are controlling the asset and have the potential to increase selling pressure.