XRP Price Surges $1.60 Amid Massive CME Short Squeeze

A massive short squeeze on CME futures is being blamed for XRP's sudden price surge to $1.60, with reported volume reaching $7.4 billion.

Leveraged funds reduced their net short position by 46.3 million XRP in one week, a significant shift that dwarfs the modest change of 2.452 million XRP at Coinbase derivatives.

The CME move is attributed to higher longs and lower shorts, with open interest falling by 25.45 million XRP over the same period.

However, the data also shows a disconnect between CME and Coinbase positioning, with the latter's perpetual-style product exhibiting opposing trends.