According to Crypto.News, a prominent cryptocurrency trader has opened a $27 million short position on XRP with 20x leverage, as reported by blockchain analytics platform Lookonchain. Whale holders dumped 200 million XRP tokens over 48 hours, and nearly 42% of the supply is now trading at a loss. The trader also established short positions on Bitcoin and Zcoin (ZEC) with 40x and 10x leverage, respectively. Analysts suggest potential declines toward key Fibonacci support levels, though long-term recovery is possible with ETF interest.
Trader Opens $27M Short on XRP with 20x Leverage as Whale Activity Intensifies
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