Top Trader Says XRP Will Crash Hardest Among Majors, Opens Massive Short with $1M
Crashius Clay, a widely followed crypto trader, has suggested that XRP could experience the greatest price crash among the leading crypto assets.Clay shared this perspective about XRP in a tweet on Tuesday. This view contrasts with other market commentators, such as Jake Gagain, who are predicting a new all-time high for XRP.However, Clay believes that instead of reaching a new all-time high, XRP will likely dump to historic lows. This suggestion comes amid ongoing discussions in the crypto community that the bull cycle may be over and that the market could be entering a bear season.Clay is leaning towards the bearish side and has opened massive short positions on both XRP and Bitcoin. In his tweet, he shared details of his shorts on these two assets. He added his expectation for XRP over the next two months, saying:"I believe XRP will crash harder than any coin in the top 50 in the next 30-60 days." $1M in XRP ShortNotably, his XRP and Bitcoin shorts are already proving to be a smart call. For Bitcoin, he entered with 30x isolated leverage on the Binance exchange, with an entry at $84,347. Since then, Bitcoins price has dropped to $82,657, securing him a profit of $29,948.80, representing a 61.22% ROI. However, this position risks liquidation should Bitcoin rebound to $86,634.60.But the real standout in his trades has been the XRP short. Armed with 10x isolated leverage, Crashius bet against XRP at $2.3190. As the price dipped to $2.2679, his profits surged to $176,792.91.Notably, this marked a 22.54% ROI under the 10x leverage. The higher absolute return compared to his Bitcoin trade reflects the sheer size of his XRP position. Specifically, the position is worth over $7.8 million, requiring $997,177.11 in margin.This position risks liquidation if XRP's price rebounds to $2.4987. At press time, XRP is trading at $2.31. Meanwhile, Clay remains convinced that further lows are on the table for XRP.How Low Can XRP Get?Its worth noting that Clay is not the only market watcher with a bearish outlook for XRP. As The Crypto Basic reported earlier, some analysts believe XRPs price could crash by 40% and drop back into the $1 range. This prediction is based on the observation of a head and shoulders pattern on XRPs chart.Meanwhile, optimistic commentators like Edo Farina believe a $1 XRP price would be a prime buyback opportunity. In his view, XRP could reach this low with a flash crash and rebound within minutes.
Text source: The Crypto Basic
