A major XRP whale suffered one of the largest single-token liquidations in recent weeks as the cryptocurrency slipped toward the $1 mark. Data from Hyperbot shows the whale, identified by wallet address 0xf79, lost $28.2 million in XRP long positions during a broader market sell-off. The same trader also saw a separate Bitcoin position get liquidated, bringing total forced liquidations to about $75 million.
Aggressive Bet on XRP Recovery Backfires
The trader started building XRP long positions on June 23 through Hyperliquid, when XRP was trading around $1.11 per token. Rather than opening one large trade, the whale spread exposure across multiple positions, using leverage of roughly 10x. That might have seemed like a sensible way to manage risk, but it didn’t work out.
Trading records reveal two major XRP positions involved. Combined, they represented nearly 28 million XRP, valued at more than $28 million before the liquidation hit. The strategy was clearly a bet that XRP would bounce back, but the market had other ideas.
Price Decline Triggers Forced Closures
As selling pressure intensified across the crypto market, XRP fell from about $1.11 to around $1.0090. That drop placed the asset squarely within the whale’s liquidation range. Once XRP hit $1.0194, the exchange automatically closed the first position, liquidating 5.58 million XRP.
But the decline kept going. As XRP slipped further to about $1.0091, the larger position, containing 22.33 million XRP, also triggered its liquidation threshold and was forcibly closed. It’s a stark reminder of how quickly leveraged positions can unravel when prices move against you.
At the same time, the trader’s leveraged Bitcoin positions started to fall apart, adding another $47.5 million in losses. So, the whale’s total recent liquidation losses climbed to roughly $75 million. The latest wave pushed the trader’s cumulative losses to an estimated $8.2 million, leaving only about $1.6 million in the account. That’s a brutal hit, and it happened as part of a wider crypto market downturn that squeezed leveraged traders across the board.
Market Sees Over $1 Billion in Liquidations
Over the last 24 hours, the crypto market recorded more than $1.07 billion in liquidations. Long positions accounted for $842 million of those losses, while short positions represented about $223 million. XRP alone contributed nearly $43.96 million in liquidated positions. Of that figure, $43.12 million came from longs, while short liquidations totaled approximately $841,900.
Despite the heavy liquidations, XRP has staged a modest rebound. The token has climbed back to roughly $1.03 and is currently up 4.71% over the past 24 hours. That suggests buyers have started stepping back into the market after the sharp sell-off, though it’s probably too early to say if this is a real recovery or just a temporary bounce.
