Wintermute Takes Contrarian Stance on XRP with $10M Short Position

XRP's price has been gaining momentum in recent sessions, reaching $1.48 at the time of writing and up 2.89% over the past 24 hours.

The asset's market capitalization stands at approximately $93.07 billion, with a 24-hour trading volume of $4.75 billion.

However, Wintermute, a prominent algorithmic market maker, has taken a contrarian stance by opening a short position on XRP exceeding $10 million in notional value.

This move is notable because it positions against the prevailing sentiment in the XRP derivatives market, where the majority of open interest and positioning remains skewed to the long side.