CME Short Squeeze Triggers XRP Price Surge Amid Venue-Specific Positioning Shifts

XRP's price surged to an intraday high of $1.60 on September 22, with a reported volume of $7.4 billion.

The move was significant, but the positioning shifts across regulated futures venues reveal a different story.

Leveraged funds reduced their net short position in CME futures by the equivalent of 46.3 million XRP in one week, according to the Commodity Futures Trading Commission's September 15 snapshot.

Cross-venue positioning data shows that while CME leveraged funds significantly reduced their net short, Coinbase derivatives positioning barely changed, with a modest reduction of 2.452 million XRP and remaining net short about 141.6 million XRP.