XRP Surges to $1.60 Amid $7.4B Trading Volume Explosion

XRP's price has surged to $1.60 on September 22, with reported trading volume near $7.4 billion.

This rapid increase in value is being seen as a possible short squeeze, where investors who had previously bet against XRP's price are now forced to cover their positions by buying the asset.

The regulated futures books on CME, however, tell a more complex story.

Leveraged funds cut their net short position on CME's standard XRP futures contract by 46.3 million XRP from September 8 to September 15, with most of the reduction coming from covering shorts and adding new longs.