A trader on the Hyperliquid derivatives trading platform has shown optimism in XRP’s near-term potential by opening an XRP long position of $1 million.
XRP community figure Xaif drew public attention to the trade, which he suggested was opened yesterday. Per the accompanying screenshot, the trader opened a $1 million long position on XRP at an entry price of $2.4093, totaling 416,736 tokens.
The anonymous trader opened the position with a 10x leverage as part of efforts to amplify potential gains. Such large leveraged positions often indicate strong bullish sentiment or expectations of an imminent price rally.
Since opening the position, the price of XRP has spiked to $2.44, representing an upsurge of 1.27% from the trader’s entry price of $2.4093. In other words, if the trade remains active, the trader is in a profitable position.
Traders Remain Optimistic After October 10 Crash
The development comes just weeks after XRP leveraged traders, especially those betting on a price increase, suffered record liquidations. During the October 10 market crash, which pushed XRP’s price below $1.5, a whopping $19.31 billion in leveraged positions were wiped out, with XRP accounting for approximately $703 million of the total.
Notably, traders holding long positions in XRP at the time suffered liquidations totaling approximately $615 million. In contrast, short traders who bet on a price decline recorded a smaller loss of about $92 million.
Community figure Chad Steingraber referred to this wipeout as a “Black Swan Moment” for XRP. Meanwhile, since that liquidation event, XRP has bounced back above $2, giving leveraged traders, including the user who opened a $1 million long position, confidence to bet on a potential price spike.
XRP Liquidations
In the meantime, around $2.44 million XRP leveraged positions have been wiped out over the past 24 hours. Long positions account for $1.29 million of the total liquidations, while shorts account for $1.15 million.
Meanwhile, if XRP dips to $2.349, roughly $56.33 million worth of long positions could be wiped out. However, $59.91 million in short positions would be liquidated if XRP’s price spikes to $2.541.
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