Hyperliquid (HYPE) traded at $34.96 at press time, up 6% in 24 hours, while Bitcoin briefly slipped below $72,000 and most large-cap tokens sold off. The token gained 1.5% over the past week and 29% over the past month, standing out during heavy market pressure.
Derivatives data shows cooling leverage rather than panic buying. Open interest fell 2.42% to $1.55 billion, and trading volume dropped 31% to $4.06 billion, per CoinGlass. This suggests traders are reducing exposure, which can help stabilize prices during volatile sessions.
Ripple Prime Integration Opens Institutional Doors
On Feb. 4, Ripple announced that Ripple Prime, its institutional brokerage platform, added support for Hyperliquid. Institutions can now access on-chain perpetuals and derivatives on Hyperliquid while managing risk alongside traditional assets like FX and fixed income. The news lifted HYPE even as selling pressure persisted. The integration does not directly involve XRP or the XRP Ledger, but it boosts HYPE as the center of perps trading activity.
Hyperion Collateral Strategy and Protocol Upgrade
The same day, publicly traded Hyperion DeFi Inc. (NASDAQ: HYPD) said it plans to use its HYPE holdings as options collateral. The company is not taking directional bets; instead it focuses on earning income from options premiums and fees, together with staking rewards. Hyperion is working with Rysk protocol to launch an on-chain options vault directly on Hyperliquid. Over time, the vault could open to other institutional HYPE holders, reducing liquid supply and potentially supporting the token price.
Another development: HIP-4 introduces fully collateralized "outcomes" trading for products resembling options and prediction markets, designed for traders who prefer defined risk during volatile periods. Earlier HIP upgrades enabled permissionless markets for crypto, equities, and commodities. Hyperliquid now has over $1 billion in open interest, nearly $5 billion in daily volume, and a massive rise in weekly transactions.
Token Unlock Fails to Rattle Buyers
An upcoming unlock on Feb. 6 releasing roughly 9.92 million HYPE worth about $300 million has so far failed to unsettle buyers. Previous unlocks were absorbed without sharp pullbacks, calming concerns.
Technical Structure Shifts Bullish
After months of decline, HYPE has changed its trend behavior. Price recovered the mid-Bollinger Band and stayed above it. The recent pullback formed the first higher low since November, flipping the structure from bearish to neutral-bullish. Price pushed above the upper band with strong closes, volatility bands turned upward, and the 20-day moving average now acts as support. RSI moved into the 60-70 range, holding above its signal line.
HYPE cleared the $32-$33 resistance zone and stayed above it, suggesting acceptance at higher levels. Overhead supply looks limited until $40. Holding above $32 keeps momentum intact for a move toward $38-$42 if market conditions stabilize. A drop below $32 could pull the price toward $27-$28, where trend support would be tested.