XRP Plunge Threatens Whale’s $8 Million Investment, Amidst Market Downturn

The XRP token, the native cryptocurrency of Ripple’s blockchain network, has experienced a significant decline. Its price has dropped below the crucial 50-day moving average, resulting in a drop exceeding 36% from its peak for the year. This downward trend has been exacerbated by broader market declines, impacting leveraged traders. A prominent whale has incurred substantial unrealized losses of over $2.6 million due to this crash. They initiated their trade at $2.3715 with a leverage ratio of 3x, placing them in a precarious position as they could be liquidated if the price drops below $1.3949 – a decline of approximately 35% from its current level.