The cryptocurrency market is a playground for high-risk traders willing to wager millions in pursuit of fortune. Here\u2019s one such story you might find interesting.<\/p>\n
While bullish investors welcomed the recent resurgence of the cryptocurrency market, it also triggered some painful losses for those who had bet that prices would continue to sink.<\/p>\n
The analytics platform Lookonchain revealed<\/a> the case of the trader with the nickname \u201cqwatio\u201d who closed his short positions on Bitcoin (BTC) and Ripple (XRP) and parted with $3.4 million. Shortly after, however, he reopened a 20x short on XRP, valued at $17.6 million, with a liquidation price at $2.9155.<\/p>\n The native token of Ripple is among the top performers today (September 29), as its price has soared by 4% to $2.90. This means that a further increase of the negligible 0.53% will result in another major liquidation for the aforementioned trader.<\/p>\n \u201cQwatio\u201d is not a newbie in the crypto industry, but his trades have often resulted in multi-million dollar losses. In July, he was liquidated<\/a> for a total of $334 million when the market was booming and BTC peaked above $122,000.<\/p>\n Several analysts believe Ripple\u2019s cross-border token could be on the verge of a further price pump in the short term. The renowned X user Ali Martinez claimed<\/a> XRP has successfully defended the support of $2.70, which might set the stage for an ascent toward $3 or even $3.15.<\/p>\n CRYPTOWZRD outlined<\/a> a similar outlook, highlighting $2.75 as the crucial daily support level; if this zone holds firm, the analyst believes it could pave the way for further upside momentum.<\/p>\n Meanwhile,\u00a0whales remain quite interested in the token. Martinez disclosed<\/a> that such large investors have accumulated 120 million XRP in the last 72 hours. The USD equivalent of the stash is almost $350 million.<\/p>\n Such purchases reduce the available supply of assets on the open market, which could be followed by a price rally (assuming demand does not head south). In addition, smaller players may view this as an encouraging sign and enter the ecosystem as well.<\/p>\n The post XRP Trader on Thin Ice: Multi-Million Bet Could Collapse Any Minute<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" The cryptocurrency market is a playground for high-risk traders willing to wager millions in pursuit of fortune. Here\u2019s one such story you might find interesting. Hanging by a Thread While bullish investors welcomed the recent resurgence of the cryptocurrency market, it also triggered some painful losses for those who had bet that prices would continue […]<\/p>\n","protected":false},"author":0,"featured_media":100473,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-100472","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/100472"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=100472"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/100472\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/100473"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=100472"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=100472"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=100472"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}The XRP Bet About to Go Bust?<\/h2>\n