$154 Million XRP Short Appears on Hyperliquid, Here’s Worst Scenario

A high-risk play has appeared on Hyperliquid after a trader known for large bets returned with $4.2 million USDC. This was put to work straight away. The account went into leveraged shorts, targeting both Bitcoin and XRP, drawing most attention to the latter.

According to Lookonchain, the trader put together a short position worth 2.78 million XRP — that is about $7.5 million in margin, but they went for 20x leverage, which means the total notional exposure ended up being more than $154 million.

Gambler @qwatio created a new wallet “0x9018” and returned to #Hyperliquid with 4.22M $USDC.

He shorted 1,366.67 $BTC($150M) with 40x leverage and 2.78M $XRP($7.7M) with 20x leverage, resulting in a loss of over $1.2M.

Liquidation price:$BTC: $110,280$XRP: $3.0665… pic.twitter.com/KbNN9yz3Ty

— Lookonchain (@lookonchain) September 26, 2025

The average entry was around $2.71 per token, just as XRP tested the lower end of its recent trading range.

What’s liquidation price?

The liquidation data makes it pretty obvious where the danger zone is. If XRP goes up to $3.06, the position will have to close, which could wipe out millions in collateral.

The size of this bet is made even bigger by the background: XRP has been all over the place since it hit $3.70 in August, dropping to $2.70 in September but still way up from earlier in the year. With liquidation only 13% away from spot, there is not much margin for error.

The same wallet is also shorting 1,366 BTC with 40x leverage, but it is XRP where the squeeze potential looks brutal. If it goes beyond $3, it will be a total disaster. Thus, traders all over the market are keeping an eye on this high-risk player to see if they can make it through or if they will end up in the liquidation headlines.

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