Famous Trader Maintains XRP 20x Long Position..."Won't Sell Even if Profit Hits 830%"

▲ XRP/ChatGPT generated image

As XRP recovered the $1.40 mark, a famous trader, who established a 20x leveraged long position last month and is currently recording a profit rate exceeding 830%, announced that he is still maintaining the position, drawing market attention.

According to crypto media outlet The Crypto Basic on September 19 (local time), Crypto Michael, a virtual asset trader with approximately 126,000 followers on X (formerly Twitter), revealed that he has maintained his XRP leveraged long position, entered last month, until now. According to the details of his shared XRP perpetual futures contract position, the entry price was $0.9918, and the market average price was $1.4036, recording a profit rate of 830.51% based on 20x leverage.

The spot price of XRP increased by $0.4118 from the entry price of $0.9918 to $1.4036, representing a pure price increase of approximately 41.5%. With 20x leverage applied, the indicated profit rate surged to over 830%. Michael added, "I expect the uptrend to accelerate further," and "You wouldn't want to be left out by observing," expressing strong expectations for further gains.

This position is an extension of the phased accumulation decision made on July 1. At that time, Michael shared a weekly chart analysis, stating, "I've been accumulating XRP here. You'll soon see why." XRP was then trading around $1.06, the bottom of a large falling wedge pattern, after falling from over $3, and Michael identified the historical key price range of $1.90 to $2.10 as major target prices.

Market experts diagnose that the trader's maintenance of this position represents the bullish sentiment spread across the overall virtual asset market after breaking above $1.40. Investors are now focused on whether the rebound of over 40%, after solidifying the bottom at $0.99 and settling above $1.40, can lead to a further rally towards the historical resistance levels above $1.90.

[Key Article Summary]

-Crypto Michael announced that he is holding his 20x leveraged long position, entered at $0.9918, with a profit rate of 830.51%.

-With the spot price rising 41.5% and breaking above $1.40, Michael predicted that the uptrend would accelerate further.

-The range of $1.90 to $2.10, previously suggested as a key target price during the falling wedge bottom accumulation in July, has been re-emphasized.

*Disclaimer: This article is for investment reference only, and we are not responsible for investment losses based on it. The content should be interpreted for informational purposes only.*