Top XRP Traders on Hyperliquid Are Bearish. Here’s What They Just Did

Cointelegraph has shared data from Hyperliquid showing that nearly all of the top 20 XRP traders on the platform currently hold short positions.

The timing makes the data more striking. XRP climbed over 50% in under 3 days last week and added $30 billion to its market cap. Despite this move, the majority of these large traders maintained or opened positions betting on a price decline.

The Positioning

The leaderboard tells a clear story. Of the top 20 traders by position size, 16 are short on XRP. The largest position belongs to wallet 0x31b1..34, holding $50.12 million long with a +21.04% gain. That trader is the exception. Most of the others sit in the red on their shorts, with unrealized losses ranging from tens of thousands to hundreds of thousands of dollars.

The Pattern

The entry prices reveal something consistent. Most short positions opened between $1.22 and $1.52. Several traders entered at prices close to or above the current $1.4302 mark. The concentration of entries in that range suggests a shared belief that XRP’s move into the $1.40s represents a ceiling rather than a launchpad.

Leverage is also consistent across the board. The majority of these traders use 20X cross margin. A sustained push higher puts significant pressure on those positions.

What It Signals

This level of conviction against a surging asset is worth attention. XRP beat Bitcoin’s 7-day gain of 22% and Ethereum’s 30% gain. It ranked among the top large-cap performers in the market. However, it dominates traders’ short positions on Hyperliquid.

There are two ways to read this. Either these traders see the digital asset’s recent rally as a liquidity event, a sharp move designed to flush out shorts before reversing, or they are absorbing significant unrealized losses waiting for the thesis to play out. The data shows the latter is already happening for many.

The Community’s Response

Responses to the data were split. One observer pointed out that the total long exposure of $70 million against $77 million short makes the positioning closer to even than it appears. Another argued that the top long position alone accounts for a large portion of the total volume on screen, skewing the picture.

CryptoSensei, a well-known figure in the community, described their positioning as interesting. He warned that one sharp move higher could put many of those short positions under serious pressure. XRP currently trades at $1.39, down 2.55% from yesterday, and many traders are eager to see what direction it goes.