As XRP tumbled on the fallout from the failure to advance the Clarity Act, a large investor on Hyperliquid drew attention by adding to a long position worth $1.36 million.

On Sept. 16, blockchain outlet Decrypto reported that the account is currently sitting on an unrealised loss, but has maintained a win rate above 99 percent in recent trades.

The account’s move was spotted shortly after XRP plunged. XRP fell 9.81 percent on Sept. 15 after the U.S. Senate failed to advance the Clarity Act, and the intraday drop was the largest in the past seven months. The price at one point slipped below $1.30.

The account in question was identified as address 0xa…566. The account first opened a long position on Sept. 15 as XRP rebounded around $1.38. About an hour later, it added $1.11 million. After XRP rose to $1.45, it trimmed some positions and closed the trade when the price fell to around $1.40, securing about $6,000 in profit.

But after the U.S. Senate vote increased selling pressure in the market, it expanded the XRP long again. During the plunge on the evening of Sept. 15, it opened a new long position worth $557,000 at an entry price of $1.2946. About 30 minutes later, it added $800,000 at $1.2948, lifting the total notional size to $1.36 million.

The current situation is not going smoothly. As XRP fell further to around $1.27, the position moved into an unrealised loss. Based on 20 times leverage, the loss rate was about 26.46 percent and losses were estimated at about $18,000. The liquidation price was presented as $0.34, meaning the price would have to fall about 73 percent further from current levels for forced liquidation.

The account’s past trading record draws even more attention. It has recorded 110 wins and 1 loss across 111 trades so far, and has never been liquidated. The win rate stands at 99.3 percent. It also began trading relatively recently, on Aug. 27. Over about three weeks, cumulative profit totaled $495,000, and the Sharpe ratio was shown as 4.33. Its positioning was also tilted to the upside, with long positions accounting for 75 percent.

The trade shows that some leveraged investors are viewing the drop as a buying opportunity even as XRP plunges on regulatory uncertainty. The account, in particular, built another large long position in a price downturn after posting a high win rate in earlier trades.

Still, a high past win rate does not guarantee future returns. With 20 times leverage, losses could grow quickly if XRP moves against expectations. Market attention is ultimately focused on whether the large long position leads to an actual rebound or to bigger unrealised losses on further declines.