XRP Hits $1.60 with $7.4B Volume Amid Diverging Futures Positions
- On Sept. 22, XRP reached an intraday high of $1.60 with a trading volume of approximately $7.4 billion.
- CME futures saw leveraged funds reduce their net short position by the equivalent of 46.3 million XRP within a week.
- In contrast, Coinbase derivatives showed a minor reduction in net shorts of only 2.452 million XRP, leaving them short about 141.6 million XRP.
- CME’s standard futures contract represents 50,000 XRP, while Coinbase’s standard contract represents 10,000 XRP.
- Open interest in CME futures fell by 509 contracts, equating to 25.45 million XRP, indicating traders closed positions.
The significant reduction in CME’s net short positions suggests a concentrated shift among leveraged funds, contrasting with the relatively stable positioning on Coinbase derivatives.
Overall, while CME leveraged funds cut their net shorts significantly by 46.3 million XRP, Coinbase’s positioning changed little, highlighting a divergence in market sentiment across platforms.
