One popular crypto currency trader took in devastating financial losses upon Ripple’s (XRP) latest bounce back. ‘Qwatio’, a crypto trader known for courageous and reckless leveraged plays in the same way as James Wynn, decided to go heavy on XRP’s short-term bearish sentiment.
$3.5M Down, XRP Bear Comes Back For a Bite
Starting at a $2.85 XRP price position, the risky trader took a 20-times multiplied leverage on a multi-million XRP play. This position, originally valued at $17.6 million, was opened on Monday after this large-scale crypto player lost approximately $3.5 million on previous XRP & BTC short positions.
Indeed, XRP’s price tacked on $2.91 on Tuesday morning, which wiped out this position, as reported by OnChain Lens. Nevertheless, Qwatio quickly came back for more. Not only did they increase the position value to $15.7M, but also the XRP short-seller managed to recoup some of the losses, as Ripple coin backtracked back to $2.82.
With XRP’s price pulling back to $2.82, the courageous crypto player is now $148,000 up in unrealized profit. However, that’s not the full story – after a burned Bitcoin (BTC) short play, the trader now added a 40-times leveraged Bitcoin (BTC) short play at nearly $113K, expecting a sharp downturn after BTC established itself at this resistance level.
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The trader, known on X as “qwatio” (or “Falllling” in some reports), is a high-leverage gambler famous for massive bearish bets on XRP, including borrowing millions in tokens to short amid Ripple’s price rallies.
Qwatio’s $17.6 million short position on XRP (borrowing ~6.17M tokens at ~$2.85) faced partial liquidation when prices hit $2.9154, wiping out 1.24M XRP and adding to losses; the remaining $14.3M teeters at a $2.93 liq point.
Total losses exceed $3.6 million, including a prior $3.4M hit from weekend shorts on XRP and BTC that closed at a deficit during a 2% rally to $2.80+.
Yeah, undeterred—qwatio reopened with another aggressive 20x leverage short on 555K XRP, risking full account wipeout at $2.916, doubling down on the bear play despite the bleeding.
XRP’s at $2.82, with $8M+ in shorts liquidated recently amid $357M total crypto liqs; analysts eye a potential $44M short squeeze if it tops $2.93, fueled by post-SEC win momentum.