XRP Rally Crushes Whale’s High-Leverage Bet on Hyperliquid

XRP’s price rise above $3 resulted in over $650,000 in losses for a heavily leveraged whale on Hyperliquid.

The whale also faced major losses on BTC, ETH, and SOL, with total short positions valued near $18.6 million.

In July, the trader's account balance fell from $16.3 million to just $67,000 due to repeated high-leverage liquidations.

A high-profile crypto whale has suffered another major loss after XRP surged beyond the $3 price level. The trader, known as @qwatio on X, took a highly leveraged short position on Hyperliquid, anticipating a decline in XRP and other major tokens. However, the sharp upward movement in XRP price resulted in significant losses.

The whale entered a 20x short position on XRP at an entry price of $2.894. When the token climbed above the $3 mark, the position began to bleed. The unexpected rally led to a partial liquidation on the Hyperliquid platform. Reports confirm that this trade alone accounted for over $650,000 in losses.

Broad, short exposure increases overall damage

Besides XRP, the trader also shorted Bitcoin (BTC) with 40x leverage, Ethereum (ETH) with 25x, and Solana (SOL) with 20x. Solana's price also moved sharply against the whale’s position, worsening the financial impact. The combined value of the failed trades totaled around $18.60 million. The whale’s risky exposure left little room for market fluctuations.

This is not the first time the trader has faced steep losses on Hyperliquid. In June, he experienced six separate liquidations over three days, losing $10 million. July brought deeper setbacks as his short positions worth $334 million were wiped out. His account balance, once over $16 million, dropped to just $67,000 earlier that month.

Earlier this year, the same whale opened aggressive long positions on BTC and ETH with 50x leverage. These trades were timed just before tokens rumored to be part of a U.S. strategic crypto reserve were made public. The timing of those deposits led to speculation of insider knowledge, although no formal allegations were made.

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