Renowned crypto trader Qwatio has once again suffered a significant liquidation on his massive XRP short position, pushing his total losses beyond $3.6 million.
As previously reported, Qwatio opened a 20x leveraged short position on 6.17 million XRP (appr. $17.6 million). Qwatio bet that XRP would drop below their entry at $2.8519, while setting a liquidation target at $2.9155.
XRP Modest Gains Partially Liquidate Trader
However, things didn’t go as planned, as XRP posted modest gains yesterday, climbing to a daily high of $2.92. This closed Qwatio’s position at $2.9154, locking in a realized loss of more than $83,223.
According to Lookonchain data, Qwatio still has an active trade of roughly 4.98 million XRP, worth $14.34 million. The position, which has a liquidation target of $2.932, has already recorded an unrealized loss of $145,338.
Before the latest liquidation, Qwatio had already incurred losses of $3.4 million from closing short positions on XRP and Bitcoin. With the recent setback added, the trader’s total losses have now exceeded $3.6 million, according to Lookonchain.
XRP Liquidation Surpasses $7M
In the meantime, XRP has pulled back from its daily high of $2.92 to $2.87. It is currently down 0.42% over the past 24 hours. Conversely, the token has registered a modest gain of 0.35% in the past week and has also rallied 1.51% in the past month.
XRP leveraged traders have collectively lost over $7 million over the past day, with $5.3 million coming from long positions and $2.02 million from shorts.
A push toward the $2.93 level, which is near Qwatio’s liquidation target of ($2.932) on his $14.34 million short, could trigger the liquidation of an additional $41.39 million in overall short positions. Conversely, if the price retraces to $2.80, more than $86 million in long positions would be wiped out.
Meanwhile, the $7.2 million in liquidations faced by XRP leveraged traders is a minor figure compared to the total reported across the broader crypto market. Notably, roughly $338 million has been wiped out across the wider market in the past 24 hours. Of this total, long positions accounted for $158.46 million, while shorts saw $179 million liquidated.