XRP Whale Spends $30.9 Million on Long Position Amid Market Pressure

A large crypto whale has taken out a significant long position in XRP, sparking speculation about what this may mean for the token's future. According to a recent tweet by Crypto commentator Xaif (@Xaif_Crypto), a wallet held two enormous leveraged long positions: $50.6 million in BTC and $30.9 million in XRP, both at 20x cross leverage.

The total exposure of these positions is over $81.5 million, with the account showing a 1-week total PnL of -$3.27 million, a -63.84% ROE, and unrealized losses sitting at -$2.6 million.

Xaif noted that despite mounting losses, the wallet has not closed out these positions, suggesting 'they know something' about what's coming next for XRP.