The cryptocurrency market has continued its bearish start to February as Bitcoin and other major coins and tokens recorded massive losses on Wednesday.
Bitcoin lost 7% of its value in the last 24 hours and briefly dropped below the $71k level.
Ether risks dropping below $2k as it is down by 5.5% since Wednesday.
However, Hyperliquid’s HYPE is in the green, making it the best performer among the top 20 cryptocurrencies by market cap.
HYPE’s rally can be attributed to Hyperliquid integration with Ripple Prime, the institutional prime brokerage platform of Ripple.
Hyperliquid integrates with Ripple Prime
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Ripple Prime announced its integration with Hyperliquid on Wednesday, resulting in HYPE adding nearly 4% to its value since then.
However, Ripple’s XRP has lost 12% of its value since then and is now trading below $1.40.
The integration enables Ripple Prime clients to access cross-margined decentralized finance derivatives alongside other positions on the platform, while keeping risks and capital efficiency centralized.
The company added that some of the other positions include traditional assets such as fixed income, FX, and over-the-counter swaps.
While commenting on the partnership, Michael Higgins, International CEO of Ripple Prime, stated that,
“At Ripple Prime, we are excited to continue leading the way in merging decentralized finance with traditional prime brokerage services, offering direct support to trading, yield generation, and a wider range of digital assets.”
Hyperliquid remains one of the best performers this year despite the broader cryptocurrency market recording losses in recent weeks.
The DEX’s open interest recovered above $10 billion in mid-January amid the bearish market conditions.
While the OI has now dropped below $6 billion, it remains one of the highest among the leading DEXs in the market.
Recent developments have also contributed to HYPE’s rally. The activation of HIP-3, which introduced tokenized commodity trading, enabled permissionless perpetual market creation.
Furthermore, the upcoming HIP-4 proposal is set to introduce outcome-based trading contracts for prediction markets and options-style derivatives.
Is HYPE heading towards $40?
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The HYPE/USD 4-hour chart is currently bullish, making it the exception among the leading 20 cryptocurrencies by market cap.
The announcement of its partnership with Ripple Prime saw HYPE bounce 200-day Exponential Moving Average (EMA) and add nearly 4% to its value since Wednesday.
HYPE faced rejection around the $36 resistance level and is now trading at $34.6 per coin.
The RSI of 56 is above the neutral 50, indicating a growing bullish momentum. The MACD lines have also entered the positive zone, indicating a bullish bias.
If the rally continues, HYPE would overcome the $36 resistance level and hit the $40 psychological level in the near term.
However, if the resistance level holds, HYPE would likely retest the Sunday low of $27.6.