According to ChainCatcher, on-chain monitoring platform Onchain Lens detected that a new wallet address deposited 630,000 USDC into the decentralized derivatives exchange HyperLiquid. Subsequently, the address opened a 10x leveraged short position of 2.9 million XRP.
This move signals a strong bearish sentiment from the whale toward XRP's short-term price. By depositing stablecoins and using leverage to short, the trader stands to profit significantly if XRP's price declines.
The position size is considerable (2.9M XRP, valued in the millions at current prices) and may influence market sentiment. Investors should monitor XRP price movements and potential liquidation risks of leveraged positions.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan.