- A major whale closed $12M XRP and ETH long positions, securing a total profit of roughly $7.5 million.
- XRP’s short-lived breakout ended as broader market correction affected momentum and returned it to aligned performance with other assets.
- Bitcoin’s drop below $101,200 followed macro sentiment shifts, as investors reduced exposure to haven assets after US-China trade progress.
According to Lookonchain, a prominent crypto whale has exited high-value long positions on XRP and ETH. The trader closed a 2X leveraged XRP long worth $12 million and ended exposure to Ethereum. The decision followed recent losses across major crypto assets, which triggered a wave of position closures.
Earlier this week, XRP posted double-digit gains, pushing briefly into the top three cryptocurrencies by market capitalization. The token surpassed Tether, driven by a rapid rise in market demand. However, this momentum failed to hold as market-wide corrections took effect. XRP has since begun to mirror broader asset trends, limiting its independent surge.
Total profit secured reaches $7.5 million
The whale’s exit strategy appears to have been timely, resulting in a realized profit of approximately $7.5 million. The market correction prompted a swift decision to take gains and reduce risk. Lookonchain noted the profit was locked in shortly after XRP’s price peak, indicating well-timed execution.
Besides XRP, the whale also liquidated long exposure to Ethereum. Although ETH did not experience the same sharp rally, the general downturn in crypto prices influenced this exit. The positions were likely intended to benefit from continued bullish movement, which slowed with the recent pullback.
Global sentiment shift adds to crypto volatility
The broader financial landscape also shifted this week. The agreement reached between the United States and China lifted the equities market. This shift reduced demand for perceived safe-haven assets like Bitcoin. Consequently, both Bitcoin and gold declined, with Bitcoin touching an intraday low of $101,109 before recovering slightly.
