An unknown whale has held an XRP long position worth $53.11 million for 46 days, with the trade now showing more than $13 million in unrealized profit.
The whale has kept the position open despite XRP moving through several rallies and pullbacks over the past month, especially after the asset’s strong recovery between Aug. 19 and Aug. 23.
Whale Opens Large XRP Position
Data shows that the whale address “0x31…1434” opened the XRP long position with $1.07 million in capital on Aug. 19 at 4 PM UTC.
The investor used 20x leverage, giving the position a notional value of $21.40 million. The trade came as XRP began its August recovery after facing steady selling pressure from late July through mid-August.
For context, on Aug. 19, XRP rose from a low of $0.9937 and closed at $1.1051. The whale entered after the price had already started moving higher, opening the position when XRP traded at $1.0685. The $21.40 million position represented 20.03 million XRP.
Additional 15M XRP
Notably, the whale added to the trade the following day, putting in another $556.9K at 20x leverage. This gave the new portion a value of $10.97 million. XRP traded at $1.0974 when the whale made the addition, which placed the new position at a size of 10 million XRP.
This move increased the whale’s total position to 30 million XRP, worth $32.37 million at the time. The investor then made another major addition on Aug. 22, putting in $3.92 million in capital while using lower 2x leverage. This created an additional position worth $7.83 million.
XRP traded at $1.5651 when the whale made the third addition, bringing the new position to a size of 5 million XRP. After the move, the whale held 35 million XRP at an average entry price of $1.1298. The position had a margin of $5.31 million with 10x leverage.
XRP Long Position Shows More Than $13M Profit
At XRP’s current price of $1.516, the 35 million XRP position has a notional value of $53.11 million. Based on the original position value of $39.5 million, the whale now has an unrealized profit of around $13.5 million.
Interestingly, XRP reached $1.6977 on Aug. 22, the same day the whale made the third addition. At that price, the position was worth about $59.4 million, pushing the whale’s profit close to $20 million. However, the investor did not close the trade and continued to hold the position.
The whale has now kept the XRP long open for 46 days, demonstrating confidence in XRP’s price performance. The position has a liquidation price of $0.9534, which sits more than 36% below the current XRP price of $1.516. This gives the trade some room to withstand another decline before reaching liquidation.
The XRP long position remains the whale’s only active position, according to the available data. The address also has $20.5 million in USDC in its spot balance, which gives it substantial funds for other trades or a possible increase in the XRP position.