According to Hyperliquid, significant activity has been observed in the "money printer"—Hyperliquid’s stock trading platform—with profits exceeding $1 million. CoinGlass shows that two traders have solidified short positions totaling over $5.4 million in XRP, indicating different risk management approaches but a unified outlook on the asset’s prospects.
On-chain data provides us with deep insights into the logic behind these transactions. Currently, two sharply contrasting positions are particularly prominent on the platform:
- The "Sniper" position (address 0x555...d43b): This trader opened a short position near the peak of $2.43. Using 20x leverage, the trader converted their initial capital into a $1.21 million position, currently realizing a profit of up to 1557%. With a liquidation price at $5.44, this whale can ignore any local price rebounds, reinforcing bearish sentiment.
- Significant pressure (address 0xc30...a4c9): The focus here is on volume. The trader opened a position at $1.419 with a size of $4.21 million. Using 8x leverage, the trader took a relatively conservative approach, but the sheer size of this position has created substantial resistance on the chart. Currently, the position is profitable by $155,000 (+29%). The trader’s key level is $1.61; a break below this level could trigger a cascade of liquidations.
A highly liquid whale has signaled an increase in hedging exposure to $1.29 billion, covering the entire market.
The current state of XRP reflects broader sentiment among the largest wallet holders. Hyperliquid currently shows a total short position of $1.29 billion in the "money printer" category, significantly exceeding the long position of $910 million.
XRP ranks among the top ten open interest positions on the Hyperliquid platform at $38.79 million, largely driven by active trader participation. XRP’s short positions are significantly skewed toward shorts—longs stand at $15.72 million while shorts reach $23.07 million—suggesting possible hedging activity or institutional bets on a pullback following the spring 2026 rally.
Despite millions of dollars in short positions, XRP does not currently appear to be overextended. This reduces the risk of an immediate short squeeze, allowing shorts to maintain their positions without fear of being abruptly forced to close due to minor price fluctuations.