As profit-taking sell-offs centered around major tech stocks pour into the U.S. stock market and the Nasdaq declines, a large-scale leveraged long position has emerged in the Ripple (XRP) market, drawing investors' attention.

According to on-chain data analysis platform Onchain Lens, an anonymous whale investor opened a 20x long (buy) position worth approximately 27.9 million XRP on the decentralized derivatives exchange Hyperliquid. The value of the position amounts to about $30.9 million, with the liquidation price reported at $0.923947.

It was also reported that this investor simultaneously holds a Bitcoin long position of 809.9 BTC. The Bitcoin position is valued at approximately $50.6 million.

Market analysts interpret that while concerns over slowing U.S. economic indicators and tech stock weakness are putting pressure on risk assets in general, some large investors are weighting the possibility of an additional rebound for XRP.

U Today analyzed that while XRP has continued its long-term downtrend, recent increases in trading volume and improvements in the Relative Strength Index (RSI) have been observed. In particular, assessments have been raised that bottom formation movements are being detected around the $1.1 level.

However, experts note that U.S. interest rate policies and tech stock trends remain key variables in the cryptocurrency market, suggesting that the possibility of expanded short-term volatility persists.

[This article was written with the assistance of AI and cannot be used as a basis for investment decisions. Cryptocurrency investment carries the risk of principal loss, requiring a cautious approach.]