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01/10/25 04:03 UTC-04

XRP Trader Keeps Repeating the Same Mistakes and Incurs Losses

XRP trader, known by the pseudonym Qwatio, once again repeated his mistakes and suffered heavy losses.

On September 29, as the crypto market was recovering from a dump, the trader closed short positions in Bitcoin and XRP, losing $3.4 million. He then opened another short with 20x leverage on $17.6 million worth of XRP, with a liquidation price set at $2.9155.

However, Qwatio once again misjudged the direction of XRP’s price. On Monday, the digital asset rose to $2.929, triggering liquidation of his position and bringing his total losses from futures trading to $3.6 million.

Qwatio’s Trading Stats

“I don’t even need to do technical analysis anymore. I’ll just wait until he [Qwatio] opens a short or a long, and I’ll take the opposite position,” one commenter wrote.

Still, the crypto trader had some reasoning behind betting on XRP’s decline, since the asset’s price has been moving within a narrowing triangle pattern, with the lower boundary at $2.67. Qwatio’s mistake lies in setting too low a liquidation price, caused by insufficient margin funding and the use of excessive leverage.

See also: "Altcoin Season Returns: Altcoin Trading Volume on Binance Hits Peak"

#XRP (XRP)

Editor: Godfrid Brower
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