thecryptobasic.com
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.