Wintermute Bets Against XRP Despite 47% Rally

XRP has seen a significant surge of 47% over the past seven days, reaching a price of $1.47 on August 24th.

However, despite this impressive rally, market maker Wintermute appears to be betting against XRP, with a wallet attributed to them carrying a $10.19 million short position against the token on Hyperliquid.

The wallet's total bearish exposure across the decentralized derivatives platform had grown to $190.77 million, with the largest short in Bitcoin at $53.02 million.

XRP ranked fifth at $10.19 million, and the wallet's overall short exposure had increased by approximately $44.58 million from an earlier snapshot.