Derived from The Crypto Basic, a well-known trader has opened a $27.4 million short position on XRP with 20x leverage, amid a broader bearish market. The trader, linked to Roobet and Stake.com, has also taken leveraged shorts on Bitcoin and Zcash, totaling $196 million. XRP’s price has dropped 11% in the past week, trading at $2.27 despite ETF launches. Prominent trader Crashius Clay has predicted XRP could fall to $0.20, citing weak demand and competition from stablecoins. Clay’s bearish outlook aligns with previous warnings that XRP may be in its final bull cycle.
Renowned Trader Opens $27.4M XRP Short With 20x Leverage
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