XRP’s strong spot performance above $1.50 is masking a dangerous derivatives imbalance, according to data from CoinGlass and Bitfinex. Margin longs on Bitfinex surged to 6.41 billion XRP, with more than 260 million XRP added in the latest candle alone. On Binance, leveraged buyers outnumber sellers by more than 2.5 times, while daily futures turnover is roughly 4.5 times spot volume.
The leveraged buying has created an asymmetric liquidation risk. Short sellers face only about $2.95 million in potential forced losses, but longs are exposed to a $24.29 million liquidation cluster—about 7.2 times larger. Coinglass data shows nearly $29 million in positions were forcibly closed in 24 hours, with longs accounting for most of the damage. A large spot sale by major holders could trigger margin calls and push XRP toward the $1 region, especially under weekend liquidity conditions.
At the same time, a wallet labeled as linked to Wintermute held about $190.77 million in short positions on Hyperliquid on Aug. 24, according to Onchain Lens. The address increased short exposure by roughly $44.58 million from an earlier $146.19 million snapshot. XRP was the fifth-largest short at $10.19 million, representing about 0.28% of XRP’s $3.61 billion open interest. Ethereum led at $53.02 million, followed by Bitcoin at $30.66 million, Solana at $22.62 million, and HYPE at $11.43 million.
XRP traded near $1.47 on Aug. 24 after gaining approximately 47% over seven days. The 24-hour range was $1.46 to $1.54, with volume near $4.85 billion. Binance and OKX account-level long-to-short ratios leaned bullish at 2.57 and 2.08. Around $21.42 million in XRP derivatives positions were liquidated in the preceding 24 hours, with $12.47 million in long liquidations and $8.95 million in shorts. Key support sits at $1.44–$1.46, while resistance is near $1.54 and then the psychological $1.60 level.
Wintermute has not publicly confirmed the Hyperliquid wallet, and a large short does not automatically mean a bearish forecast, especially for market makers that hedge spot, options, and client flows across venues. Still, the combination of overheated XRP longs and a visible short position adds to the risk of sharp volatility.
