According to data provided by analytics platform Onchain Lens, a cryptocurrency whale recently deposited $4.4 million into decentralized trading platform HyperLiquid in order to open a leveraged short position on XRP, the fourth-biggest cryptocurrency by market capitalization.
The whale has gone short on the Ripple-linked cryptocurrency with 8x leverage.
At press time, XRP is changing hands at $2.57 after spiking by 1.1% over the past 24 hours. The cryptocurrency has added more than 20% over the past week.
The same market participant has also made a massive bet against Ethereum (ETH), the leading altcoin. His bet against ETH is much riskier given that this specific position was opened with 20x leverage.
The enormous short comes after ETH has gained 40% over the past week.
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