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Binance Trader’s 6x Leveraged XRP Short Ends with $6.6M Loss

PANews reports that a Binance live trader, tracked by on-chain analyst @ai_9684xtpa, executed a 6x leveraged XRP short that incurred a $6.448M realized loss and left a $148K floating loss after 28 days.

XRP

Summary

According to PANews on August 6, on-chain analyst @ai_9684xtpa reported that a Binance trader using account Hyundai_YK suffered a $6.6M loss on a 28-day XRP short trade. The trader opened a full-position, 6x leveraged short at $2.5784 at 07:10 and closed the position with a stop-loss order, resulting in a realized loss of $6.448M and a remaining floating loss of $148K.

Terms & Concepts
  • 6x Leveraged: Indicates the position was taken with six times the available capital, amplifying both gains and losses.
  • stop-loss order: An order that automatically closes a position when the price reaches a specific threshold, limiting further losses.
  • floating loss: Represents an unrealized loss on an open position that has not been closed yet.