Wintermute’s Big XRP Short to Burn Bright if Price Hits $10

Gigantic XRP short just came from one of the industry’s largest money-market makers. Wintermute, the company that’s providing infrastructure for many of the trading activities, decided to go bearish on a few major-caps, including a 10x leverage short on XRP’s price. Tumultuous XRP Week Modifies Flexible Liquidation Price  The dashboard screenshot from On-Chain Lens analytics provides us with a crystal-clear picture: the current 10x XRP shorts sits at just above $10 million in value, dropping by $112.2K since the play was carried out. Right now, this XRP price position is 595% away from liquidation. https://twitter.com/OnchainLens/status/2091651342167404737 This is a cross-margin style setup on a large account with substantial overall equity, so the liquidation price sits far above the $1.50 entry, specifically at $10.52. That’s typical for shorts when margin is shared across many positions. Also, liquidation levels can change as positions are adjusted. Price Trend Reversal On Track: Is $10 Per XRP Plausible? So, for this to play out in a complete XRP short position wipe-out, the popular altcoin would have to triple the current all-time high of $3.65. Hit roughly a year ago, the current XRP price setup is showing signs of a price trend reversal near that level, but the $1.50 line has to be conquered first. Other Wintermute’s notable short-selling positions revolve around Ethereum (ETH), Bitcoin (BTC) & Solana (SOL), going on with a more aggressive leverage between 15x to 20x. These positions have a combined value of $190.77M, freshly increasing the short-selling exposure by roughly $44.58 million. This surely defies the broader leveraged market trend. Whilst the overall long versus short ratio is slightly on the bearish side at 0.9387, short-sellers have been increasingly paying for the XRP bulls’ positions. That’s evident in the skyrocketing Open Interest (OI) weighted funding rate, climbing to a yearly high. Also, XRP’s price now is coiling in an extended demand range between $1.35 to $1.50 that bulls might flip into long-term support if they play their cards right. With XRP’s institutional interest picking up again, the Ripple native token-based exchange-traded funds (ETFs) showcased their best performance in a quarter of a year. Given that piqued interest across the board continues, XRP’s $2 price tag will be the next crucial threshold to watch if the OG altcoin successfully conquers the $1.50 confluent resistance bubble as the broader digital asset market rebound continues for the third week straight. Check out DailyCoin’s hottest crypto news right now:Devs Flock To Stellar: 125% Growth Puts XLM Over SolanaStellar Smashes Resistance: XLM Looks Ready To Accelerate