Famous Trader Opens $27 Million Short Position on XRP

A prominent trader has opened a $27.4 million 20x short position on XRP, indicating expectations of a price decline. Short positions were also taken on Bitcoin (40x, $148.5 million) and ZEC (10x, $20.4 million).

XRP's price struggles despite the launch of Canary’s XRP ETF.
Analyst Ali Martinez predicts a drop below $2, possibly to $1.73, if the $2.15 support level fails.
Santiment data shows significant selling pressure from whales, with nearly 200 million XRP sold recently.
Glassnode reports that only 58.5% of XRP supply is in profit, the lowest since November 2024.

According to analyst CasiTrades, XRP is likely headed towards the macro .5 fib support at $2.03 unless it breaks above $2.41. A further drop to $1.65 is possible, serving as momentum for a potential new all-time high of $10.

Currently, the XRP price is about $2.15, down over the last 24 hours.