A prominent crypto whale has drawn attention by opening a long position on XRP with $12 million.
According to data from blockchain analytics firm Lookonchain, the whale first capitalized on Ethereum’s early May 2025 rally, securing over $10 million in unrealized gains. However, the focus shifted to XRP, as the same entity recently initiated a long, $12 million leveraged position in the asset.
This XRP bet, placed just hours before Lookonchain’s update on May 12, 2025, accumulated over $260,000 in paper profits.
The whale went long on $ETH right at the start of its rally and is now sitting on an unrealized profit of over $10M.
He opened a new 2x long on $XRP 8 hours ago, with a position of nearly $12M and an unrealized profit of $261K.https://t.co/vfdxjFvrkE pic.twitter.com/Rs1ZlwEAuL
— Lookonchain (@lookonchain) May 12, 2025
Gains on Ethereum Set Stage for XRP Long
The whale’s Ethereum strategy unfolded early in the rally, as ETH climbed from around $1,800 to above $2,500 within less than a week. By May 11, Lookonchain confirmed that the trader’s long ETH position had yielded a substantial unrealized profit of more than $10 million.
This successful execution appears to have laid the groundwork for the next strategic step. Now, the same whale shifted focus to XRP, opening a 2x leveraged position valued at nearly $12 million.
This XRP position has quickly become profitable. Within eight hours, the trade was already up by $261,000. Over the past seven days, XRP posted an over 10% increase, moving from $2.1 to $2.4.
Anticipating XRP’s explosive Rally
Essentially, this positioning suggests this entity is anticipating XRP’s explosive growth, as the coin has yet to capitalize on the ongoing bull momentum in the market.
Despite a modest price increase of over 11% in the past week, XRP has remained relatively subdued compared to earlier market surges. Recall, XRP saw a strong rally that peaked in January 2025, briefly pushing its price above the $3 mark. Following that high, the asset entered a corrective phase, even slipping below the $2 threshold around April.
Massive XRP Accumulation
In parallel to the leveraged position, on-chain analyst Ali Martinez reported that whales have accumulated over 880 million XRP in the past month. This data point aligns with growing speculation about coordinated activity by large holders. Martinez’s findings suggest these entities may be positioning for further market movement.
Furthermore, blockchain monitor Whale Alert flagged two significant XRP transactions. The first involved a transfer of 70 million XRP, equivalent to roughly $148.3 million, between unknown wallets.
Meanwhile, another 300 million XRP, worth approximately $633.7 million, moved from Ripple to an unidentified address. The timing and size of these transactions have raised questions in the XRP community.
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