XRP Price Surges Amid Massive CME Short Squeeze

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

The surge in price and trading activity has been attributed to a massive short squeeze at the Chicago Mercantile Exchange (CME).

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

In contrast, Coinbase derivatives positioning only fell by 2.452 million XRP during the same period, with a combined net short of 141.6 million XRP.

The CME's reset was significantly larger than Coinbase's, and the two venues moved in opposite directions.