$XRP whales on Hyperliquid just flipped their entire playbook in 32 hours.
Yesterday: 18 wallets short $44.4M (34.7% short positioning)
Today: 16 wallets net long ~$21M (20.5% long)
Meanwhile:
• Open interest dropped from $127.3M → $102.1M
• Price down 3.3%
This is a classic derisking move. Whales closed shorts, rotated long, but OI bleeding + price slipping = liquidity drying up. Either they're front-running a bounce or this is a dead cat setup before the next leg down.
Watch the $102M OI level. If it breaks below $100M with no price recovery, longs are getting baited.
Yesterday: 18 wallets short $44.4M (34.7% short positioning)
Today: 16 wallets net long ~$21M (20.5% long)
Meanwhile:
• Open interest dropped from $127.3M → $102.1M
• Price down 3.3%
This is a classic derisking move. Whales closed shorts, rotated long, but OI bleeding + price slipping = liquidity drying up. Either they're front-running a bounce or this is a dead cat setup before the next leg down.
Watch the $102M OI level. If it breaks below $100M with no price recovery, longs are getting baited.
