Data from the Hyperliquid platform reveals that two major traders, categorized as 'money printers,' have accumulated significant short positions against XRP, exceeding $5.4 million. This bearish sentiment is prominent among the platform's largest wallets, with total short positions in the 'large-wallet' category reaching $1.29 billion, significantly outweighing long positions of $910 million.
The most notable position, linked to address 0x555…d43b, was opened near the $2.43 peak with 20x leverage and has generated an unrealized gain of 1,557%. The liquidation price is set at $5.44, suggesting the trader can withstand local price rebounds. A second address, 0xc30…a4c9, holds a $4.21 million short at an entry price of $1.419 with a more conservative 8x leverage, creating a technical barrier at $1.61 where a price increase could trigger liquidations.
According to CoinGlass, this disparity suggests an institutional bet on a correction following the rally in spring 2026. Despite these bearish bets, the risk of a massive 'short squeeze' in the short term is considered low, allowing whales to maintain their exposure.
Simultaneously, XRP's futures market shows a different dynamic: leverage has dropped to historically low levels. Data from CoinDesk indicates decreased leverage usage across the board. This low-leverage environment could mean the market has been 'reset' after previous liquidations, and positions are lighter. Historically, this setup has preceded stronger price movements, as the market is not weighed down by crowded trades.
The XRP price is currently trading around $1.38, caught between buying interest at $1.33-$1.37 and selling resistance at $1.39-$1.45. The 4-hour chart shows the price below the 100-period moving average at $1.4163, which acts as a key resistance level. However, momentum indicators show bullish divergence, suggesting a potential relief bounce.
The convergence of two contradictory signals — large-scale bearish shorts from whales and the market-wide reset from low leverage — sets the stage for potential price volatility in the near future. The key question is whether new leverage returns in a controlled manner or builds too quickly.
