Nearly all top XRP traders on Hyperliquid positioned short as token rallies 47%

The best-performing XRP traders on Hyperliquid are betting almost unanimously that the token is heading lower. According to data shared by trader and analyst @jodezXBT, the top nine wallets ranked by profit and loss on the decentralized perpetual futures exchange hold a combined $14.33 million in gross notional XRP exposure. Of that, 97% sits on the short side. One wallet alone accounts for half of the total short interest, meaning a single trader is essentially anchoring the bearish thesis with roughly $7 million in exposure. A crowded trade gets company The short-heavy positioning isn’t limited to anonymous whales. Market maker Wintermute has been identified as holding more than $10 million in XRP shorts on Hyperliquid, part of a broader short portfolio exceeding $190 million across major assets on the platform. XRP has rallied approximately 47% over the past week, yet these traders appear to be holding firm. Earlier in 2026, top short positions on Hyperliquid were sitting on unrealized gains exceeding 1,500% from entries made near XRP’s peak price of $2.43. Hyperliquid’s growing role in price discovery Hyperliquid launched in 2023 as a decentralized perpetual futures exchange bu...