An anonymous whale investor has kept an XRP long position worth $53 million, or about 71.2 billion won, for 46 days.

On Oct. 5, blockchain outlet The Crypto Basic reported the address as 0x31…1434. Unrealised profit on the position has topped $13 million, or about 17.5 billion won.

The investor put up $1.07 million, or about 1.44 billion won, as margin on Aug. 19 to open a 20 times leveraged long position. The notional value was $21.4 million, or about 28.8 billion won, equal to about 20.03 million XRP. XRP was priced at $1.0685 at entry.

The investor added $556,900, or about 748,470,000 won, the next day and again used 20 times leverage. The added entry had a notional value of $10.97 million, or about 14.7 billion won, equal to about 10 million XRP. On Aug. 22, the investor added another $3.92 million, or about 5.27 billion won, but cut leverage to 2 times for the third entry. The newly created position in this tranche had a notional value of $7.83 million, or about 10.5 billion won, adding about 5 million XRP.

Through this process, the investor’s total position grew to 35 million XRP. The average entry price was $1.1298. Total margin for the position was $5.31 million, or about 7.14 billion won, and leverage was around 10 times. Based on the current XRP price of $1.516, the position’s notional value is $53.11 million, or about 71.4 billion won. Unrealised profit is about $13.5 million, or about 18.1 billion won, compared with the original position value of $39.5 million, or about 53.1 billion won.

The investor did not close the position during a volatile stretch. XRP rose to $1.6977 on Aug. 22, lifting the position value to about $59.4 million, or about 79.8 billion won. Mark-to-market profit neared $20 million, or about 26.9 billion won, but the investor chose to keep holding. The long position remained in place over the past month even as XRP repeatedly surged and pulled back.

The liquidation price was confirmed at $0.9534. That is about 37 percent below the current price of $1.516. The liquidation price can change depending on margin and position adjustments.

The address has only one active position, an XRP long. It also has 20.5 million USDC in spot holdings. The funds could be used for additional trades, but it is not confirmed whether they will be used to increase the XRP position.

The case shows a large investor using leverage to build a position during XRP’s rebound since mid-August. The first entry came right after selling pressure that ran from late July to mid-August eased, and the investor expanded the position by adding funds during each subsequent upswing. The profit has not been realised, and the size of unrealised gains can change depending on XRP’s future price moves.