Whale selling caused a sharp drop in $XRP . Can the 0.53 defense line be maintained? ?
The current market lacks momentum and buyers are scarce. The large-scale selling of whales has put pressure on the price of XRP, and the bearish sentiment is strong in the short term. Ripple's native token XRP is facing a big drop test because a big whale sold millions of XRP, causing the price to plummet and approach the support level of $0.545 again. The latest news is that on September 12, Ripple's whales sold 39.32 million XRP, with a total value of up to $21.13 million.
The whale's selling made the market sentiment more pessimistic, and the price of XRP directly fell back to $0.53. Now the price of XRP is hovering around $0.535. Although it has risen slightly by 0.38% in 24 hours, the trading volume has increased by nearly 20%, indicating that traders are still paying attention, but the buying momentum is insufficient.
Currently, XRP has two important price levels to watch: $0.521 and $0.543. If it continues to fall to $0.521, the long positions of nearly $11 million will be liquidated. Conversely, if it rises to $0.543, the short positions of more than $7 million will suffer. From the data, the bears are now in the upper hand, and the selling pressure may increase.
If you want to dig deeper into the currency circle, but can't find a clue, and want to quickly understand the information gap, whether it is a contract or spot, you can 👉 Learn more in my profile.
