The crypto market entered deeper bearish territory over the weekend, with high-risk traders opening massive shorts on major coins like XRP.
According to the data, the trader deployed a total position size of $196 million, employing 40x leverage on BTC, 20x on XRP, and 10x on ZEC. The positions break down:
- 1,555.56 BTC ($148.5 million)
- 12.34 million XRP ($27.4 million)
- 31,016 ZEC ($20.4 million)
The move comes amid heightened market fear after Bitcoin dipped to $92,900 over the weekend, with the crypto Fear & Greed Index hitting 10—the worst level since 2022.
“XRP Could Fall to $0.20”
Among the positions, the 20x leveraged XRP short stands out, especially as sentiment around the token continues to weaken. XRP’s price dropped 11% over the past week, trading at $2.27 despite the launch of ETFs.
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