Multi-Million Bet Could Collapse Any Minute

Can “qwatio” succeed this time?

The cryptocurrency market is a playground for high-risk traders willing to wager millions in pursuit of fortune. Here’s 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 to sink.

The analytics platform Lookonchain revealed the case of the trader with the nickname “qwatio” 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.

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.

“Qwatio” is not a newbie in the crypto industry, but his trades have often resulted in multi-million dollar losses. In July, he was liquidated for a total of $334 million when the market was booming and BTC peaked above $122,000.

The XRP Bet About to Go Bust?

Several analysts believe Ripple’s cross-border token could be on the verge of a further price pump in the short term. The renowned X user Ali Martinez claimed XRP has successfully defended the support of $2.70, which might set the stage for an ascent toward $3 or even $3.15.

CRYPTOWZRD outlined 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.

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Meanwhile, whales remain quite interested in the token. Martinez disclosed that such large investors have accumulated 120 million XRP in the last 72 hours. The USD equivalent of the stash is almost $350 million.

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.