A significant 20x leveraged short position against XRP, valued at over $20.5 million, has been initiated by a new wallet, which deposited $7 million USDC into Hyperliquid. This move comes as XRP's price drops to around $2.30, marking a decline of more than 1.5% for the day. The cryptocurrency has been on a downward trajectory, struggling to surpass key resistance levels, with increased trading volume on declining days. On-chain data and technical indicators point to a bearish sentiment, suggesting potential further declines if XRP falls below $2.20. Analysts warn that such a drop could lead to additional losses, potentially pushing the price down to $2.00 or even $1.85.