The Initial $XRP Long Position
This whale, with address 0xa…566, first opened an initial $XRP long position at 10:34 AM UTC on Sept. 15 while $XRP was recovering from the drop to $1.38. The whale then added $1.11 million to the position an hour later.
After $XRP soared to a local top of $1.45 by 1 PM the same day, the price started correcting as the U.S. Senate failed to advance the Clarity Act, leading to massive selling pressure across the crypto market.
Interestingly, the whale had already reduced his trade and closed the position at a price of $1.40 before the $XRP price crash picked up. As a result, he secured a meager $6,000 profit from the trade.
Current $XRP Position in Loss
While the market panicked, this whale instead chose the opposite direction. Notably, he again opened an $XRP long position worth $557K at 8 PM UTC on Sept. 15, hours into the price crash. The entry for this trade stood at $1.2946. At the time, $XRP was already down 9% on the day.
About half an hour later, he increased the position by $800,000 at an entry price of $1.2948 while $XRP was still facing massive declines, bringing total notional value to $1.36 million. Since then, the trader has maintained this position, having held for up to 12 hours now.
However, with $XRP collapsing further to the current price of around $1.27, the trader is currently witnessing a massive 26.46% loss on the position, with losses sitting at $18,000 at a 20x leverage. Still, the whale would only suffer a liquidation if $XRP collapsed to $0.34, a 73% drop from the current price.
History Shows Promising Results
At press time, liquidation appears unlikely unless the market faces a sudden Black Swan event. Interestingly, this whale has not recorded any liquidations in his entire history of 111 trades. Of this figure, he has witnessed 110 wins and just 1 loss, giving him a 99% win rate.
Further data shows that the account is fairly new, having begun trading on Aug. 27, about three weeks ago. Within this period, he has secured a total profit of $495K, with a Sharpe ratio of 4.33 and a bias sitting at 75% Long.
