Whale in $631,000 Loss on XRP After Opening 20X Leveraged Long

A trader on Hyperliquid is experiencing losses on an XRP trade after taking on a massive leveraged position worth nearly $31 million.

The position drew attention in the crypto community due to its size, high leverage, and the uncertainty currently affecting crypto markets.

Data from Hyperliquid Whale Tracker shows the trader opened a 27.92 million XRP long position using 20x leverage over the past four hours. The position is worth roughly $30.84 million and was entered at an average price of around $1.127.

High-Risk XRP Bet

The trade signals strong confidence in XRP, even as the token’s price remains under pressure. According to the tracker, the whale’s 27.92 million XRP position has a liquidation price of about $0.9115. At the time of the snapshot, the trade was showing an unrealized loss of approximately $631,000.

XRP’s price is trading near $1.10, down 9% over the past seven days. The token has also fallen 18% in the last month and remains about 40% lower year-to-date.

Despite the downturn, some traders appear to be positioning for a rebound. The whale’s latest move suggests confidence that XRP could recover from current levels.

Bitcoin Position Pushes Loss Over $2M

Meanwhile, the trader is not only betting on XRP. The same account also holds an 809.9 BTC long position with 20x leverage. The Bitcoin trade is worth about $50.9 million and was opened at an average entry price of roughly $65,050.

At the time of the snapshot, the Bitcoin position was showing an unrealized loss of around $1.77 million.

Together, the XRP and Bitcoin trades are worth more than $81 million. Meanwhile, the trader’s combined unrealized losses exceeded $2.1 million, while losses over the past 24 hours were more than $1.3 million.

Notably, Bitcoin has also struggled in recent weeks. The leading cryptocurrency is trading around $62,200. It is down 4.3% over the past week and roughly 18% over the last month. Bitcoin remains about 30% lower year-to-date.

The Road Ahead

By maintaining large long positions in XRP and Bitcoin, the whale is betting that the recent sell-off is a buying opportunity. However, many market watchers expect XRP to dip further below $0.5 before a sustainable rebound.

For instance, Ali Martinez has said $0.90 could be a good buying opportunity for long-term holders. On the other hand, an analysis by The Crypto Basic suggests even lower levels. It suggests XRP price could revisit November 2024 lows of $0.6, which could open the door to a new all-time high.

Essentially, XRP is under pressure for now, and any rebound is likely to be short-lived.