According to data provided by Onchain Lens, a total of $5.84 million USDC was deposited into HyperLiquid, a decentralized derivatives exchange, earlier today.
The deposit was used in order to open a long position on the Ripple-linked cryptocurrency with 2x leverage.
Notably, the same trader previously went long on Ethereum (ETH) with 2x leverage, securing a floating profit of $10 million. The leading altcoin is up by nearly 40% over the past week.
According to CoinGecko data, XRP is changing hands at $2.39, dropping by 0.8% over the past 24 hours.
The cryptocurrency market is currently in a wait-and-see mode amid trade negotiations between the US and China.
