A cryptocurrency whale investor opened a 20 times leveraged long position of 792,200 XRP on Hyperliquid.

According to blockchain media outlet The Crypto Basic on May 27 (local time), the entry price was $1.3564, and the trade is interpreted as a bet on an XRP rebound during a broader market correction.

The position size topped $170,000, with leverage of up to 20 times applied. An XRP community figure, Jaip, disclosed the trade on X, formerly Twitter, saying, "Used leverage to the max. Whales don't do this for fun." The market is watching whether large money took a position in advance with the possibility of a short-term rebound in mind.

After entry, however, XRP fell further. Bitcoin and major altcoins also weakened together amid risk-off sentiment, exchange-traded fund (ETF) outflows and macroeconomic uncertainty. As a result, the XRP position moved into unrealised loss territory.

A disclosed screen showed unrealised losses of about $3,757 at the time. As XRP fell to around $1.32, the loss is estimated to have neared $30,000. With 20 times leverage, small price moves can sharply amplify gains and losses.

The trader was offsetting part of the XRP loss with profits from other positions. The biggest profit position was a 40 times leveraged long in 254.98 bitcoin, with unrealised gains topping $138,000 and a return of more than 28 percent. A 10 times leveraged HYPE position also posted profit of more than $74,000.

Positions in Zcash (ZEC), Solana, Aave (AAVE) and Fartcoin (FARTCOIN) were also in profit. By contrast, Pump.fun (PUMP) posted losses of more than $16,000, while KPEPE and Avalanche (AVAX) were also negative. The trader appears to be managing volatility at the overall portfolio level by holding both winning and losing positions.

Shifts in supply and demand in the XRP derivatives market were also mentioned. Jaip pointed out earlier that XRP open interest recently exceeded 60 million, the highest level in the past 30 days. At the same time, Binance perpetual futures cumulative volume delta fell to -$641.9 million, while spot cumulative volume delta was $397.3 million, it was reported.

The divergence shows buying emerging in the spot market, while aggressive short selling continues in the futures market. Some traders see a higher chance of a short squeeze, with short liquidations piling up, if this structure persists when XRP rebounds sharply.

Ultimately, the 20 times leveraged long is seen as a trade based on a view that the current market structure of spot buying dominance and expanding futures shorts could lead to a short-term rebound, beyond a simple high-risk bet. The market is focusing on why a large investor took a max-leverage long even as XRP continues to weaken.

someone just opened a 20x long on $XRP at $1.3564 on Hyperliquid 792,200 XRP. $170K+ position. leveraged to the max whales don't do this for fun https://t.co/MDoC1LWfIY pic.twitter.com/X6LNChvqRa