Crypto
$XRP Price Surges Amid Massive CME Short Squeeze
XRP's price surged to $1.60 on September 22, with a reported volume of $7.4 billion.
The rally was largely attributed to a massive short squeeze in CME futures, which saw leveraged funds reduce their net short position by the equivalent of 46.3 million XRP over a one-week period.
A comparison between CME and Coinbase derivatives revealed that the shift in positioning was more pronounced on CME, with the standard future representing 50,000 XRP per contract.
The Commodity Futures Trading Commission's (CFTC) September 15 snapshot showed leveraged funds holding a net short position of 82.25 million XRP, which decreased to 35.95 million XRP by September 22.