Hyperliquid Whale's First Trade from New Wallet is an XRP '20x Long'...What's the Basis for the June Bullish Bet?

▲ XRP, cryptocurrency whale/ChatGPT generated image

A newly created wallet on Hyperliquid (HYPE) initiated its first trade with a 20x leveraged long position on XRP, indicating a spreading bullish bet in the market.

According to crypto media outlet The Crypto Basic on May 29 (local time), the new Hyperliquid wallet opened an 810,040 XRP long position immediately after depositing funds. The entry price was $1.3348, and the leverage was set at 20x. The notional value of this position was approximately $1.08 million, making it one of the notable large directional bets on XRP on Hyperliquid.

Xaif, a figure in the XRP community, shared the details of this trade on X (formerly Twitter), asking, “Does he know something we don't?” According to the accompanying Hyperdash screen, 100% of the wallet's active exposure was allocated to a long position, and XRP was the only asset in the open position.

According to Hyperdash data, the trade recorded an unrealized loss of about $1,108 at the time of the screenshot, as the XRP price was slightly below the entry price. The liquidation price was indicated at approximately $1.2090, and the wallet still had over $52,000 in available margin, allowing room to manage short-term price fluctuations.

However, the overall performance of this wallet was vulnerable. Hyperdash data showed that the account's total profit and loss recorded a loss of over $1.1 million, and the 30-day perpetual futures trading loss exceeded $1.3 million. The win rate was only 22.3% based on a total of 283 trades.

This high-risk bet comes at a time when XRP is attempting a recovery alongside a broader rebound in the cryptocurrency market. XRP was trading at approximately $1.31 at the time of reporting, up about 2% in the last 24 hours. Two days prior, another whale investor also opened a 20x leveraged long position of 792,200 XRP on Hyperliquid when XRP dipped to about $1.30. The entry price was $1.3564, and the position value exceeded $170,000.

Traders also see Stellar's (XLM) recent rally as a backdrop for the spreading bullish bets on XRP. XLM surged 41% over the past week and recorded a 22% increase in a single day. The Crypto Basic reported that some analysts have set XRP's June target price at $1.76 to $2 if momentum strengthens, but XRP's weak momentum and lack of clear catalysts raise doubts about its ability to follow the XLM rally.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*