CME Gains Ground as XRP Price Surges

XRP's price surge of nearly 40% from $0.99 to $1.38 between August 17 and 31 was not accompanied by a corresponding increase in total futures exposure.

According to CoinGlass data, the overall XRP futures open interest declined by 16%, falling from 2.77 billion tokens to about 2.34 billion tokens over the same period.

An exception was CME, whose XRP futures open interest increased by roughly 36% during this time, jumping from 284 million tokens to around 387 million tokens.

This shift toward CME resulted in its market share of outstanding XRP futures exposure rising to approximately 17%, up from about 10% in mid-August.

CFTC data from August 25 revealed that leveraged funds held a net short position of around 116 million XRP, more than double the roughly 57 million XRP they were short on a week earlier.