Hyperliquid Traders Bet Big on XRP's Downfall Amid 47% Rally
Nearly all top XRP traders on Hyperliquid are positioned short as the token rallies 47% in just one week, according to data shared by trader and analyst @jodezXBT. The top nine wallets ranked by profit and loss hold a combined $14.33 million in gross notional XRP exposure, with 97% of that sitting on the short side.
One wallet alone accounts for half of the total short interest, with roughly $7 million in exposure. Market maker Wintermute has also been identified as holding more than $10 million in XRP shorts on Hyperliquid, part of a broader short portfolio exceeding $190 million across major assets on the platform.
The short-heavy positioning isn't limited to anonymous whales, and top short positions earlier this year were sitting on unrealized gains exceeding 1,500% from entries made near XRP's peak price of $2.43. Despite XRP's recent rally, these traders appear to be holding firm, suggesting either deep conviction or a cost basis that gives them room to absorb further pain.