Leveraged Funds Pile On Record Short Against Surging XRP
XRP has seen a significant price increase in recent days, rising to $1.38 from $1 just this month, according to CryptoSlate's previous report.
However, despite this momentum, leveraged funds have taken a large short position on the token. In fact, they've more than doubled their net short, increasing it to 2,314 contracts, equivalent to about 115.7 million XRP, from 57.35 million XRP just a week earlier.
This sharp increase in open interest has added 58.35 million XRP-equivalent of net short exposure, making leveraged funds hold the largest directional short among reportable CFTC categories.
The Commodity Futures Trading Commission (CFTC) reported that XRP open interest increased by 2,206 from a week earlier, to 7,783 futures-equivalent contracts. At 50,000 XRP per standard contract, the increase represented about 110.3 million tokens and lifted total exposure to roughly 389.2 million XRP.