- Massive 20x short on XRP raises questions about insider knowledge.
- SEC’s October ETF review could drive XRP market sentiment shift.
- Trader loses millions; bets big on XRP with aggressive strategy.
A bold move has been made by a trader known as “gambler” (@qwatio) in the crypto market, with the opening of a massive 20x short position on 6.17 million XRP, valued at $17.6 million. This new position raises questions about the trader’s strategy, especially considering the volatile nature of the cryptocurrency market.
The decision to open such a large short position comes after @qwatio’s previous positions were partially liquidated during the market’s recent rebound. He had closed out short positions on Bitcoin ($BTC) and XRP, incurring a loss of $3.4 million.
However, the gambler didn’t step back; instead, he doubled down by taking another high-risk position on XRP with a liquidation price set at $2.9155.
Additionally, earlier in the market’s fluctuations, Lookonchain reported that @qwatio had created a new wallet, “0x9018,” and made significant trades on Hyperliquid. This included shorting 1,366.67 Bitcoin ($150 million) using 40x leverage and 2.78 million XRP ($7.7 million) using 20x leverage.
Despite these moves, the trader faced losses exceeding $1.2 million, with liquidation prices for Bitcoin and XRP set at $110,280 and $3.0665, respectively.
Also Read: Crypto Market Sees Strong Gains: Bitcoin, Ethereum, XRP, and Others Surge in 24 Hours
What Drives Such Risky Moves?
The large-scale 20x short on 6.17 million XRP raises the question: does @qwatio know something that others don’t? The trader’s pattern suggests a strategy built on aggressive market timing and a deep understanding of price movements.
Such risky bets, particularly in a market as volatile as cryptocurrency, usually indicate an insider’s knowledge or a highly speculative outlook on future price trends.
With the market remaining unpredictable, this latest short position adds another layer of intrigue. As @qwatio re-enters the market with a significant bet on XRP, the cryptocurrency community is left wondering if this move will pay off or result in yet another liquidation.
The high-leverage nature of the trade makes it clear that the stakes are high, and only time will tell if the gambler’s strategy was a calculated risk or a dangerous gamble.
XRP Community Eyes SEC Review on Spot ETF Applications in October
The XRP market is at a crucial juncture, with the SEC set to review multiple XRP ETF applications in October. The review, taking place between October 18 and 25, has sparked significant interest, especially as XRP futures surpass $1 billion in open interest.
Key applications under review include Grayscale’s XRP ETF and 21Shares Core XRP Trust ETF. A successful approval could potentially drive a surge in XRP’s price and market sentiment, further intensifying the ongoing market speculation.
Also Read: Popular Pundit Sends Important Message to XRP Holders
