A veteran crypto trader has revealed a substantial XRP position, indicating his bullish stance toward XRP, as he anticipates his holdings will reach $10 million.
This disclosure, which came from pseudonymous market participant Crypto Beast, emerges at a time when XRP is struggling to maintain its footing above the $2 mark. Despite losing the $2.2 support this week, XRP has observed a recovery push, now trading at $2.17.
Amid the growing uncertainty, Crypto Beast remains unfazed. He confirmed in his latest commentary that he never sold his XRP tokens. The trader made this decision to HODL despite buying XRP before its November 2024 upsurge.
Trader Anticipates His XRP Position to Hit $10M
Data from an accompanying graphic confirms that Crypto Beast holds 1,832,844 (1.83 million) XRP tokens. Interestingly, he purchased these assets at an average net cost of $0.836, confirming that the purchase occurred before November 2024.
Now, despite XRP soaring beyond $3 to a new seven-year peak in mid-January, Crypto Beast held onto his tokens, stressing that he never sold. At the time of his disclosure, the tokens, which he procured for a total of $1.532 million, were worth $3.915 million, presenting returns of $2.382 million.
XRP Position by Crypto Beast
This indicates that XRP traded for $2.13 when he made his disclosure. Crypto Beast confirmed that the reason he has not sold despite seeing over $2 million in profit is that he has a higher target, which he expects XRP to push toward.
According to the trader, his target for his XRP investment is $10 million. Specifically, for the 1.832 million XRP holding to reach this worth, the XRP price would need to soar to $5.45. This would mark a meager 151% increase from the current price of $2.17. Crypto Beast promised to keep his audience updated on the position.
The Appeal of Simply HODLing
Notably, the investment holds no risk of liquidation, as the trader maintains it on the spot market. As a result, even if XRP collapses to $1, he has the option of HODLing through the storm until the asset appreciates to his upside target. The only requirement for such a position is patience.
This is in contrast to the leveraged positions held by other experienced traders such as James Wynn, who recently lost $100 million in the Bitcoin futures market. For the uninitiated, James Wynn, renowned for turning a $7,000 PEPE investment into $25 million, recently revealed his high-leverage Bitcoin trade on Hyperliquid.
However, the market liquidated the $1.25 billion long position when Bitcoin (BTC) saw a rapid decline after hitting the $112K all-time high. This resulted in a $100 million loss for the trader. Days later, he lost $25 million on another Bitcoin long position.
These events indicate how, despite their promise of greater returns on smaller price movements, leveraged positions can lead to catastrophic losses if price action does not favor the trader. This is not the case for Crypto Beast’s position, which simply involves patience during a downturn.
XRP community commentators have charged investors to take a page from this playbook. For instance, Edoardo Farina has advised that market participants purchase just 10,000 XRP and hold for the long haul. He expects prices to soar to levels that could make these 10,000 tokens worth a fortune.
