Trader Opens $154M XRP Short on Hyperliquid, Faces $1.2M Loss Risk

• A trader opened a $154M XRP short on Hyperliquid, already facing steep losses.
• XRP slipped to $2.70, marking monthly lows before a slight recovery.

A high-stakes move has re-emerged on Hyperliquid after a trader known for massive positions opened fresh shorts against Bitcoin (BTC) and XRP. On-chain data shows the wallet “0x9018” returned to the exchange with 4.22 million USDC before immediately deploying it into leveraged bets.

According to tracking platform Lookonchain, the trader shorted 1,366.67 BTC (around $150 million notional) with 40x leverage, alongside 2.78 million XRP (about $7.7 million in margin) with 20x leverage. The XRP position alone amounts to more than $154 million in exposure, making it one of the largest active shorts against the asset.

The average entry price for the XRP short was roughly $2.71, with liquidation set at $3.0665. If XRP rallies toward this level, the trader risks losing millions in collateral, amplifying the pressure around this high-risk position. Analysts are increasingly pointing to a potential breakout in XRP’s price action.  As we previously reported, XRP has entered a rare compression phase, which, historically, such phases have often been followed by explosive upward moves.

Already, the wallet has reportedly faced over $1.2 million in losses, which is the volatility outcome of such aggressive leverage. Market observers argue that XRP is where the squeeze potential is most severe, as only a 13% upward move could trigger a cascading liquidation.

XRP Recent Market Performance

The bold bet comes against a backdrop of heightened XRP volatility. The token surged to $3.70 in August before retracing to the $2.70 level in September, while still holding strong gains compared to earlier in the year. 

Yesterday, XRP dropped to $2.70, which is both its weekly and monthly low. However, the asset has recovered slightly to around $2.80.

Over the last 30 days, the token has recorded a decline of about 7.91%. At the start of September, XRP traded near $3.01, rose mid-month to reach the monthly high of $3.18, and has since pulled back into the $2.70- $2.80 range. This correction coincides with ongoing speculation about an XRP exchange-traded fund (ETF), with BlackRock’s digital asset chief recently clarifying the hurdles facing such a product as reported by CNF.