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A major player on the decentralized exchange Hyperliquid has capitulated. A trader operating under the address "0x9c2a...f6a8" (internal rating: Grade D) fell into a classic trap and was forced to buy back approximately 450,000 XRP tokens from the market to cover a short position.
Through four consecutive orders in a narrow price range around $1.44, the trader reduced the short position from 2.42 million to 1.96 million XRP. Each closure resulted in a realized net margin loss.
This was not a planned exit, but forced short covering — an emergency exit from the trade to preserve the remaining margin as the price held firmly at a key level.
Support too strong: How XRP forced major players to change their plans
A look at the XRP/USD daily chart leaves little room for doubt. After a prolonged decline in the first half of the year, when the token fell below $0.90, the bulls took full control. A powerful V-shaped rebound broke through the key 200-day moving average (200 MA), which had long served as a concrete ceiling for the price.
This was followed by a sharp vertical surge to $1.65. The Hyperliquid short seller apparently waited out this peak, betting on a deep pullback toward $1.20. However, the market had other plans: XRP entered a consolidation phase, and as the price firmly held $1.44, this level became the point of control (POC) — the price level with the highest traded volume — and a new solid support zone.
The indicators also aligned perfectly: while the price held its newly established levels, the daily oscillator cooled completely from overbought territory to a neutral reading of 53. In market terms, this signals hidden strength — the indicators cooled down, but the price did not fall. Realizing that upward pressure could continue and that the conditions were in place for another breakout, the whale chose to realize a loss rather than wait for another squeeze toward $1.65.
The situation on Hyperliquid offers a local snapshot of broader changes. Bearish positioning in XRP is rapidly losing its economic appeal: large buyers with A+ ratings have also become more active in the trade feed, opening long positions.
The token is holding firmly above key high-volume price levels, and if other traders trapped in short positions follow this whale's example, a chain reaction could begin, quickly pushing XRP back toward targets around $1.60–$1.65.
Dan Burgin
U.Today Editorial Team
