1,500% Unrealized Profit: Why Hyperliquid's Top XRP Shorter Isn't Exiting Yet

Notable activity has been recorded among Hyperliquid's "money printers", those with PnL above $1 million, according to CoinGlass. Two traders have consolidated short positions in $XRP totaling more than $5.4 million, demonstrating different approaches to risk management but a unified view on the coin's outlook.

On-chain data provides insight into the logic behind these trades, and at the moment, two polar positions stand out on the platform:

• "Sniper" endurance (address 0x555...d43b): This player opened a short near the peak, around $2.43. Using aggressive 20x leverage, the trader turned their deposit into a $1.21 million position, which has now generated an enormous 1557% return. With liquidation at $5.44, this whale can ignore any local price rebounds, acting as an anchor for bearish sentiment.
• Heavy pressure (address 0xc30...a4c9): Here, the focus is on volume. A $4.21 million position was opened at $1.419. The trader operates more conservatively with 8x leverage, but it is this size that creates real resistance on the chart. At present, the position is in profit by $155,000 (+29%), and the critical level for this player is $1.61, where a cascade of liquidations could begin.

Hyperliquid whales signal a $1.29 billion market-wide hedge

The situation with $XRP reflects broader sentiment among the largest wallets on Hyperliquid. Currently, total short positions in the "Money Printer" category stand at $1.29 billion, significantly exceeding long positions at $910 million.

$XRP firmly holds a place in the top 10 assets by open interest on the platform at $38.79 million among the most successful traders on Hyperliquid, with a clear bias toward shorts - $15.72 million in longs versus $23.07 million in shorts - which may indicate either risk hedging or a direct institutional bet on a correction after the spring rally of 2026.

Despite the presence of multi-million dollar shorts, $XRP does not appear overheated in terms of immediate squeeze risk, which allows bears to maintain their positions without fear of sudden forced closures on minor price fluctuations.