A trader on the decentralized exchange Hyperliquid bought approximately 450,000 XRP tokens to close a short position. The transaction was executed via four orders at a price of about $1.44, as a result of which the trader reduced his short position from 2.42 million XRP to 1.96 million. This was not a planned exit; the trader was forced to close the trade amid growing pressure on the price in order to preserve the remaining margin. Each of the four closures resulted in a realized net margin loss. We are talking about the address “0x9c2a...f6a8” with an internal rating of Grade D.
According to the daily XRP/USD chart, after a prolonged decline in the first half of the year, when the price fell below $0.90, the token showed a strong V‑shaped rebound, breaking through the key 200‑day moving average. This was followed by a sharp rise to $1.65, but the trader decided to wait it out, hoping for a pullback to $1.20. Nevertheless, XRP entered a consolidation phase, and the price held at the $1.44 level, which became a new support level with high trading volume – the point of control (POC), the level with the highest trading volume. Given that the indicators also support the current dynamics, with the price remaining within the new range, this indicates hidden strength: the daily oscillator has completely cooled down from the overbought zone to a neutral value of 53, but the price has not fallen. Thus, the trader, assessing the possibility of continued growth, decided to realize losses instead of waiting for a potential decline to $1.65.
The situation on Hyperliquid reflects broader changes in the market. Bearish positions on XRP are losing their economic appeal, and large buyers with an A+ rating have become more active, opening long positions. The token is holding steady above key price levels, and if other traders who are in short positions follow this trader’s example, a chain reaction may begin that will quickly push XRP back to its target levels in the range of $1.60–$1.65.
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