According to data provided by Lookonchain, a whale recently closed a massive XRP long, choosing to take profits.
The market player also chose to abandon his bet on ETH. Overall, the whale has secured a profit of roughly $7.5 million.
Lookonchain has cited the recent cryptocurrency market pullback as the reason behind the decision to close these longs.
The whale previously opened a 2X long position on XRP, totalling $12 million.
As reported by U.Today, the Ripple-linked token experienced a double-digit price increase on Monday, seemingly decoupling from the broader market. It even managed to briefly enter the top 3 cryptocurrencies by market cap, edging out Tether (USDT).
However, XRP is struggling to maintain this bullish momentum due to a broader market correction.
The trade agreement that was reached between the U.S. and China has buoyed the stock market.
However, it has seemingly negatively affected Bitcoin, which was showing its “safe haven” side amid recent market turbulence. The leading cryptocurrency has sold off in tandem with the yellow metal following the US-China detente.
The leading cryptocurrency slipped to an intraday low of $101,109 before paring some losses.
