Hyperliquid's HYPE token climbed back toward $82 on Friday, recovering from an intraday decline triggered by a hotter-than-expected US producer inflation reading, as new institutional trading initiatives drew fresh attention to the platform.

HYPE traded at approximately $81.88 at the time of writing, up 0.8% over the previous 24 hours. Earlier in the session, the token had fallen to around $77.59 after September's Producer Price Index rose 6.3% year over year, exceeding expectations of 5.3%. The surprise rekindled concerns about the Federal Reserve's interest rate outlook and weighed on risk-sensitive assets. Sustained inflation readings can keep the central bank cautious about cutting rates, a backdrop that tends to pressure assets viewed as sensitive to liquidity conditions — a category that includes cryptocurrencies.

Leveraged bullish positions absorbed most of HYPE's liquidation losses. CoinGlass data showed approximately $7 million in long liquidations, compared with roughly $810,000 in short positions. Although the rebound restored HYPE above $80, the token remained below important short-term moving averages.

Ripple Prime opens institutional access to Hyperliquid markets

Ripple announced on Thursday that Ripple Prime had introduced real-world asset (RWA) perpetual swaps covering more than 100 reference markets, in an announcement posted on X. The swaps reference Trade.xyz perpetual futures listed on Hyperliquid and span equities, equity indices, exchange-traded funds, metals, energy and foreign exchange, with trading and settlement available around the clock, including weekends. Perpetual swaps are derivative contracts with no fixed expiry date — a format that originated in crypto markets and is here applied to traditional asset references.

Ripple Prime acts as the principal counterparty, giving institutional clients access through its brokerage services rather than requiring them to trade directly on the decentralized platform. That structure lets institutions reach on-chain markets through familiar brokerage channels, and it expands the connection between institutional brokerage services and Hyperliquid's derivatives infrastructure, though the launch does not establish a direct or immediate increase in demand for HYPE itself.

RLUSD collateral and cross-margining support the offering

Eligible clients can use RLUSD, Ripple's US dollar-backed stablecoin, as collateral for the new swaps, keeping margin posted in a dollar-pegged asset even as the underlying references span multiple asset classes. Ripple Prime also supports cross-margining across eligible asset classes, allowing institutions to manage collateral requirements and portfolio risk across multiple positions. Depending on the portfolio and applicable rules, offsetting exposures may reduce margin requirements.

Market maker Virtu is among the institutions already using the products, according to Ripple. The service is currently offered through Ripple Prime's CIV BVI license, and Ripple plans to expand availability to additional regions, though it has not provided a timetable — leaving the offering's geographic footprint a detail institutions evaluating the service will be watching.

Separately, EQX Labs announced plans to introduce 11 tokenized US equity and ETF markets on Hyperliquid's HyperCore infrastructure. The proposed lineup includes exposure to Apple, Nvidia, Amazon and Tesla, alongside ETFs tracking major US markets. According to EQX, the tokens will trade on Hyperliquid's public order book, with each token backed by shares held in custody.

These planned products differ from the perpetual derivatives referenced by Ripple Prime. Together, the initiatives point to a broader range of traditional-market exposures being developed around Hyperliquid. How much usage the products attract — and how quickly they expand beyond the initial license and proposed lineups — will be key details to watch.

HYPE faces resistance at the 50-day EMA

HYPE's daily chart retains a slightly bearish tone despite the rebound. token remains above its 100-day Exponential Moving Average at $76.30 but below the 50-day EMA at $83.10 and the 20-day EMA at $85.40, a positioning that suggests longer-term support remains intact while short-term recovery attempts face overhead resistance.

The Relative Strength Index stands near 43, below its neutral midpoint. Meanwhile, the Stochastic Oscillator is around 20, indicating weak momentum near oversold territory without confirming a reversal.

Initial resistance sits at $83.10. Above that, the horizontal barrier at $85 and the 20-day EMA at $85.40 form the next resistance area. A sustained recovery through those levels would bring $97.80 into focus.

On the downside, the 100-day EMA at $76.30 and horizontal support at $75.70 form an important defensive zone. Losing that area could expose successive support levels at $67.60, $61.10 and $51.50.

Source: CoinJournal