A Large Crypto Whale Opens $20M XRP Short on Hyperliquid Amid Market Uncertainty
A major crypto whale has initiated a massive XRP short trade worth over $20 million on Hyperliquid, despite signs of improving market conditions. The move, first flagged by market surveillance platform Lookonchain, unfolded after the whale created a new wallet and transferred $7 million in USDC to the leading decentralized exchange (DEX) Hyperliquid.
### XRP Faces Resistance Amid Recovery
This significant short position comes as XRP and the broader cryptocurrency market encounter strong resistance in their ongoing recovery attempts. For context, XRP recently plunged over 13% to a low of $2.06 on November 4. However, it managed to rebound the following day, climbing 6.27% and extending gains to hit a high of $2.41 earlier today.
XRP’s rally faltered at the $2.41 mark, a level where it faced heavy resistance. Bitcoin experienced a similar stall, facing a roadblock around $104,187. Both tokens have since declined, setting the stage for the whale’s sizable short bets.
### Whale Opens $136M in Short Positions
The Hyperliquid whale appears to anticipate further downside, opening short positions on both BTC and XRP totaling $136.35 million. Onchain data reveals that the $20.35 million XRP position was established when XRP was trading at $2.30. The BTC short position, amounting to $116 million, has an entry price of $103,012.
Both trades employ 20x leverage and utilize a cross-margin technique, allowing losses in one position to be offset by profits in the other.
As of press time, the whale is seeing a profit of $129,838 on the XRP short, with XRP trading at $2.28. Conversely, the BTC position is incurring modest losses of $47,566, as Bitcoin is currently priced at $103,055.
### Short XRP Position Appears Secure
Notably, the liquidation price for the XRP short is set at $2.845, roughly a 25% increase from the entry. The last time XRP reached this price was on October 9, suggesting the position is relatively safe unless market dynamics shift rapidly.
Meanwhile, the BTC short’s liquidation price is $107,490, a 4.3% rise from its entry price. Bitcoin last touched this level just three days ago, putting the trade at higher risk.
Lookonchain also found that the whale is known for frequent transfers to gambling platforms such as Stake, indicating a history of high-risk trading behavior. While the BTC trade appears vulnerable, the XRP short currently seems secure.
### Analyst Perspectives: Further Downside Possible
Market analysts echo the whale’s outlook for XRP. For instance, Income Sharks recently suggested that investors who missed the chance to buy XRP below $2 might soon get another opportunity. XRP is no stranger to significant short selling during market uncertainties. On September 26, a trader opened combined XRP and BTC short positions worth $157 million, only to face partial liquidation three days later. Interestingly, the same trader doubled down with another $17.6 million XRP short using 20x leverage.
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**Disclaimer:** This content is informational and should not be considered financial advice. The views expressed may reflect the author’s personal opinions and do not represent those of The Crypto Basic. Readers should conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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**Author:**
*Sam Wisdom Raphael* is a seasoned crypto news writer and journalist with five years of experience covering blockchain, DeFi, and broader crypto developments. His active presence in the crypto community and deep understanding of the space allow him to deliver clear price analysis and technical insights.
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