XRP Trader on Thin Ice: Multi-Million Bet Could Collapse Any Minute

The cryptocurrency market is a playground for high-risk traders willing to wager millions in pursuit of fortune. Here’s one such story you might find ￰0￱ by a Thread While bullish investors welcomed the recent resurgence of the cryptocurrency market, it also triggered some painful losses for those who had bet that prices would continue to ￰1￱ analytics platform Lookonchain revealed the case of the trader with the nickname “qwatio” who closed his short positions on Bitcoin (BTC) and Ripple (XRP) and parted with $3.4 ￰2￱ after, however, he reopened a 20x short on XRP, valued at $17.6 million, with a liquidation price at $2.9155. The native token of Ripple is among the top performers today (September 29), as its price has soared by 4% to $2.90.

This means that a further increase of the negligible 0.53% will result in another major liquidation for the aforementioned trader. “Qwatio” is not a newbie in the crypto industry, but his trades have often resulted in multi-million dollar ￰3￱ July, he was liquidated for a total of $334 million when the market was booming and BTC peaked above $122,000. The XRP Bet About to Go Bust? Several analysts believe Ripple’s cross-border token could be on the verge of a further price pump in the short ￰4￱ renowned X user Ali Martinez claimed XRP has successfully defended the support of $2.70, which might set the stage for an ascent toward $3 or even $3.15.

CRYPTOWZRD outlined a similar outlook, highlighting $2.75 as the crucial daily support level; if this zone holds firm, the analyst believes it could pave the way for further upside momentum. Meanwhile, whales remain quite interested in the ￰5￱ disclosed that such large investors have accumulated 120 million XRP in the last 72 ￰6￱ USD equivalent of the stash is almost $350 ￰7￱ purchases reduce the available supply of assets on the open market, which could be followed by a price rally (assuming demand does not head south). In addition, smaller players may view this as an encouraging sign and enter the ecosystem as well.