Recently, a new wallet with no prior trading history opened a significant long position on XRP, drawing attention from traders and analysts.
Overview of the Position
The wallet purchased 5,175,112 XRP tokens on the Hyperliquid exchange. The trade was executed through three orders at around $3.20 per token, totaling $16.62 million with a 2x isolated leverage.
Details of the Trade and Current Metrics
The current balance of the wallet stands at $22.7 million, split between two leveraged positions: XRP and SOL. The XRP long has an unrealized profit of $87,227, while the SOL position adds another $9,672. However, accumulated funding costs exceed $21,500, reducing overall gains.
Outlook and Risks for Investors
XRP's price stabilized just above $3.21, allowing the position to remain profitable. The liquidation zone lies significantly lower, almost 50% down, but the amount of capital at stake indicates high risks. Nevertheless, as long as XRP maintains current levels, the potential for profit remains promising.
The XRP trade highlights investors' interest in cryptocurrencies and the risks associated with highly leveraged positions. The future of this position will depend on market fluctuations.
