A newly created Hyperliquid wallet has drawn attention after opening its very first trade: a massive leveraged XRP long position.
Specifically, the position is worth more than $1 million. XRP community figure Xaif shared the trade details on X. He revealed that the wallet deposited funds and immediately opened an 810,040 XRP long position at an entry price of $1.3348 using 20x leverage.
The position carries a notional value of roughly $1.08 million, making it one of the larger XRP directional bets currently attracting attention on Hyperliquid.
“What does he know that we don’t?” Xaif asked.
Key Points
- A new Hyperliquid wallet opened its first XRP trade with a massive $1.08M long using 20x leverage.
- The whale’s XRP position reflects growing bullish sentiment despite recent market volatility and weak momentum.
- Hyperdash data shows the trader holds only XRP longs, with a liquidation price near $1.2090.
- Rising leveraged XRP bets come as traders speculate XRP could follow XLM’s explosive rally.
Whale Makes High-Risk XRP Bet
The Hyperdash screenshot shared alongside the post showed the wallet maintaining an extremely bullish directional bias. Specifically, 100% of its active exposure is allocated to long positions. The account is newly active, with just one open position tied entirely to XRP.
Data from the dashboard showed the trade sitting at a small unrealized loss of around $1,108 at the time of the screenshot, with XRP trading slightly below the entry level.
The position also had a liquidation price near $1.2090, highlighting the risks of using 20x leverage in volatile crypto markets.
Despite the aggressive setup, the wallet still retained over $52,000 in free margin, suggesting the trader may have additional room to manage short-term price swings.
Wallet Performance Raises Questions
Interestingly, the Hyperdash data also showed the account posting heavy losses overall. It has an all-time PnL loss of more than $1.1 million and a 30-day perpetual trading loss exceeding $1.3 million. The wallet displayed a win rate of just 22.3% across 283 trades.
Notably, the whale trade emerged as XRP price rebounded alongside the broader crypto market. XRP is currently trading around $1.31, up roughly 2% over the past 24 hours.
The move has fueled speculation that large investors may be positioning for a stronger upside move after weeks of price weakness.
More Whales Betting on an XRP Rebound
Just two days ago, a crypto whale opened a 20x leveraged XRP long on Hyperliquid during XRP’s dip to around $1.30. The trader entered a 792,200 XRP position at $1.3564, worth over $170,000.
Some XRP traders also believe the growing number of high-leverage long positions could signal expectations of a breakout if bearish momentum fades.
One factor fueling this speculation is the ongoing rally in XRP’s core rival, XLM. Over the past week, XLM has surged 41%, including a 22% daily jump. This has sparked speculation that XRP could follow due to the historic price correlation.
Some analysts believe XRP could see a delayed breakout, with June targets ranging from $1.76 to $2 if momentum strengthens. However, XRP’s weaker momentum and lack of a strong catalyst continue to raise doubts about whether it can match XLM’s rally.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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