A newly created wallet on Hyperliquid has caught the attention of the crypto community after opening a massive leveraged long position on XRP. The wallet deposited funds and immediately entered an 810,040 XRP long position at an entry price of $1.3348, using 20x leverage. The trade has a notional value of roughly $1.08 million, making it one of the larger directional bets on XRP currently seen on the platform.
XRP community figure Xaif shared the trade details on X, questioning what the trader might know that others don’t. Data from Hyperdash showed the wallet maintaining an extremely bullish bias, with 100% of its active exposure allocated to long positions. At the time of the screenshot, the trade was sitting at a small unrealized loss of around $1,108, with XRP trading slightly below the entry level. The liquidation price was near $1.2090, highlighting the risks of using high leverage in volatile markets. Despite the aggressive setup, the wallet still had over $52,000 in free margin, suggesting some room to manage short-term price swings.
Wallet Performance Raises Questions
Interestingly, the wallet’s overall performance tells a different story. Hyperdash data shows the account has an all-time loss of more than $1.1 million and a 30-day perpetual trading loss exceeding $1.3 million. Its win rate stands at just 22.3% across 283 trades. This raises questions about whether the trader is making a calculated bet or chasing losses.
The whale trade emerged as XRP’s 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 might be positioning for a stronger upside move after weeks of price weakness.
More Whales Betting on an XRP Rebound
This isn’t an isolated case. Just two days ago, another crypto whale opened a 20x leveraged XRP long on Hyperliquid during a dip to around $1.30. That trader entered a 792,200 XRP position at $1.3564, worth over $170,000. Some XRP traders believe the growing number of high-leverage long positions could signal expectations of a breakout if bearish momentum fades.
A key 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 between the two assets.
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. For now, these high-leverage bets remain a gamble, and the market will have to wait and see if they pay off.
