The HYPE token of decentralized exchange Hyperliquid surged over 40% in two weeks, bucking a wider market downturn. Analysts link the rally to a drastically reduced monthly token unlock and a new institutional partnership with Ripple. The integration marks the first direct DeFi venue on Ripple’s U.S. prime brokerage platform, while the token supply cut removed an estimated $34 million in monthly sell pressure.
While major cryptocurrencies declined recently, Hyperliquid‘s HYPE token posted a defiant 41.5% rally over the past fortnight. It is currently trading at $31.53 according to public data, a divergence analysts attribute to reduced supply pressure and fundamental utility rather than speculative hype.
HYPE’s bullish momentum coincides with Ripple adding the decentralized exchange to its institutional prime brokerage platform, Ripple Prime. The move, announced last Wednesday, marks the platform’s first direct DeFi integration since its 2025 launch.
A more significant price driver was a major reduction in monthly token supply. A January 29 announcement revealed February’s unlock will be just 140,000 HYPE tokens. This represents an 88% cut from January’s 1.2 million unlock, drastically reducing sell-side pressure.
This change removed roughly $34 million in monthly sell pressure according to one senior market analyst. Bitget chief analyst Ryan Lee noted the Ripple partnership added momentum but only explains part of the move.
Lee attributed the sustained rally to the market pricing in broader platform growth, including recent infrastructure upgrades. He cited strong utility-driven demand allowing HYPE’s price to decouple from Bitcoin’s recent decline. Further catalysts include an upcoming upgrade introducing prediction markets and USDH-denominated trading.
Despite strong fundamentals, retail sentiment shows near-term caution. On prediction market Myriad, users now assign only a 38% chance HYPE will retest $41, down from 48% last Friday. Bitlease founder Nima Beni argued Hyperliquid is holding “because it’s built on usage, not hype.”
