The investor used 20x leverage, giving the position a notional value of $21.40 million. The trade came as $XRP began its August recovery after facing steady selling pressure from late July through mid-August.
For context, on Aug. 19, $XRP rose from a low of $0.9937 and closed at $1.1051. The whale entered after the price had already started moving higher, opening the position when $XRP traded at $1.0685. The $21.40 million position represented 20.03 million $XRP.
Additional 15M $XRP
Notably, the whale added to the trade the following day, putting in another $556.9K at 20x leverage. This gave the new portion a value of $10.97 million. $XRP traded at $1.0974 when the whale made the addition, which placed the new position at a size of 10 million $XRP.
This move increased the whale’s total position to 30 million $XRP, worth $32.37 million at the time. The investor then made another major addition on Aug. 22, putting in $3.92 million in capital while using lower 2x leverage. This created an additional position worth $7.83 million.
$XRP traded at $1.5651 when the whale made the third addition, bringing the new position to a size of 5 million $XRP. After the move, the whale held 35 million $XRP at an average entry price of $1.1298. The position had a margin of $5.31 million with 10x leverage.
$XRP Long Position Shows More Than $13M Profit
At $XRP’s current price of $1.516, the 35 million $XRP position has a notional value of $53.11 million. Based on the original position value of $39.5 million, the whale now has an unrealized profit of around $13.5 million.
Interestingly, $XRP reached $1.6977 on Aug. 22, the same day the whale made the third addition. At that price, the position was worth about $59.4 million, pushing the whale’s profit close to $20 million. However, the investor did not close the trade and continued to hold the position.
The whale has now kept the $XRP long open for 46 days, demonstrating confidence in $XRP’s price performance. The position has a liquidation price of $0.9534, which sits more than 36% below the current $XRP price of $1.516. This gives the trade some room to withstand another decline before reaching liquidation.
The $XRP long position remains the whale’s only active position, according to the available data. The address also has $20.5 million in USDC in its spot balance, which gives it substantial funds for other trades or a possible increase in the $XRP position.
