$XRP Whale Forced to Buy Back 450,000 Tokens Amid Price Support
A major player on the decentralized exchange Hyperliquid has been forced to buy back approximately 450,000 XRP tokens from the market after a short position went awry. The trader, operating under the address '0x9c2a...f6a8', had taken on a significant short position in XRP but found itself unable to escape the trade as the price held firmly at $1.44.
According to data from Hyperliquid, the trader attempted to close out its short position through four consecutive orders in a narrow price range around $1.44, reducing the short position from 2.42 million to 1.96 million XRP tokens. However, each closure resulted in a realized net margin loss.
The situation on Hyperliquid offers a local snapshot of broader changes in the XRP market. Bearish positioning is rapidly losing its economic appeal as large buyers with A+ ratings have become more active in the trade feed, opening long positions.