A long position worth $14 million in XRP was opened on Hyperliquid, leading to active discussions among traders and analysts about possible market movements.
Details of the Major Trade
The trade was executed at approximately $2.30 per XRP, with the position already up $152,544 as XRP now trades around $2.43. However, the liquidation price sits at $1.5782, indicating a risky trading strategy. This trade showcases the investor's confidence in XRP's upward movement.
XRP Price Update
XRP has gained 3.79% in the past 24 hours, pushing the asset to $2.44. This price movement follows a prolonged consolidation and a breakout above the $2.20 resistance level. If XRP maintains above $2.40, the next resistance level is expected between $2.70 and $2.90. A decisive move beyond this level could lead to a significant trend change.
Market on the Brink of Change?
The situation described by XRP Governor as 'the calm before the storm' seems fitting. The combination of bullish technicals, aggressive whale positioning, and increasing speculative interest suggests possible market changes. Moreover, with the conclusion of the legal battle between Ripple and the SEC, regulatory uncertainty has diminished significantly.
The $14 million position has attracted attention to XRP and its next moves. Investors are anticipating changes and heightened volatility in the crypto market.
