A famous trader is betting on a significant XRP price crash amid this recent market decline. The altcoin continues to struggle despite the recent launch of Canary’s XRP ETF popular analyst Ali Martinez suggesting that it could soon fall below the psychological level of $2.
Famous Trader Opens $27 Million Short Position on XRP
In one X messageon-chain analytics platform Lookonchain revealed that a famous trader is shorting the market again, opening a 20x short on XRP worth $27.4 million. The trader has also opened 40x and 10x short positions on Bitcoin and ZEC, respectively, worth $148.5 million and $20.4 million.
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This is because the bear market. Crypto analyst Ali Martinez predicted it too that XRP could drop to $1.73 if it loses the $2.15 support level.
Meanwhile, XRP continues to face significant selling pressure despite increased institutional adoption from the launch of Canary’s XRP Fundwhich will also see the launch of more XRP ETFs. Santiment data shows that whales who owned between 1 and 10 million coins recently sold almost 200 million coins in the span of 48 hours.
This could be just the beginning of a bigger sell-off The recent revelation of Glassnode. The on-chain analytics platform revealed that XRP supply’s share of profits has fallen to 58.5%, the lowest since November 2024, when the price was trading around $0.53. Glassnode further noted that despite XRP now trading 4x higher, 41.5% of its supply (about 26.5 billion) is in losses, which it said is a “sign of a top-heavy and structurally fragile market.”
The macro structure points to a decline to $2.03
Crypto analyst CasiTrades listed that XRP is likely still making its way down to the macro .5 fib support at $2.03. She claimed that this move is working out perfectly as Wave 2s are corrective and the choppiness is exactly how the market should behave. The analyst further revealed that the only debunking of the drop to the $2.03 support is a decisive break above the macro level of .382 at $2.41.
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CasiTrades explained that this $2.41 level remains the line in the sand and that as long as XRP remains below it, the structure points to an eventual sweep of $2.03. She also raised the possibility of a decline to the “still valid” macro target of $1.65, which is the .618 fib level. The analyst noticed this Wave 2 corrections usually reach .618 and that the longer the XRP range without breaking resistance, the more likely a drop to that level becomes.
CasiTrades stated that a move to $1.65 would not be bearish as it would build the kind of momentum needed for a strong macro wave 3 to new all-time highs (ATHs). She has predicted that XRP could rise to a new ATH as high as $10.
At the time of writing, the XRP price is trading around $2.15, down in the past 24 hours, according to facts from CoinMarketCap.
Featured image from Adobe Stock, chart from Tradingview.com