XRP volume hits $7.4B as leveraged funds alter CME and Coinbase positions

According to CryptoSlate, XRP registered an intraday high of $1.60 on September 22, accompanied by roughly $7.4 billion in reported volume. Public data from the Commodity Futures Trading Commission's September 15 snapshot showed that leveraged funds cut their net short exposure in CME futures by the equivalent of 46.3 million XRP in one week. In contrast, across three separately reported Coinbase Derivatives products, the same trader category reduced its combined net short by only 2.452 million XRP, leaving Coinbase short by about 141.6 million XRP.

CryptoSlate noted that the data points to a concentrated positioning reset rather than a broad market-wide directional turn. The timing blocks a direct causal conclusion, as the positions were observed on September 15 and released on September 18, prior to the September 22 price snapshot. While CME saw both higher longs and lower shorts, Coinbase products moved in opposing directions, with its perpetual-style contract becoming 1.29 million XRP more net short. A forthcoming CFTC report will test whether this cross-venue split persisted during the rally, though weekly positioning data cannot prove the underlying cause of the price movement.