Ripple (XRP) rose to $1.60 during trading on September 22 (local time), recording approximately $740 million in trading volume. Overseas crypto media outlet CoinGape analyzed that this movement showed a pattern similar to a short squeeze, while noting that mixed flows are appearing across exchanges in the regulated XRP futures market.

■ 46.3 Million Short Positions Closed on CME

According to data from the U.S. Commodity Futures Trading Commission (CFTC) cited by CoinGape, during the week ending September 15 (local time), leveraged funds reduced their net short positions on XRP at the Chicago Mercantile Exchange (CME) by 46.3 million XRP. CME's standard XRP futures contract is sized at 50,000 XRP per contract.

Leveraged funds' net short positions decreased from 82.25 million XRP on September 8 (local time) to 35.95 million XRP on September 15 (local time). CoinGape explained that most of this 46.3 million XRP reduction came from closing existing short positions, with some new long positions also added.

However, CME's open interest also fell by approximately 25.45 million XRP. CoinGape interpreted this as a move to reduce risk exposure in the market rather than a clear shift into new long positions.

■ CME Surpasses Binance, Emerging as a Market Sentiment Variable

CME's movement comes after it overtook Binance in early September to become the largest XRP futures exchange by open interest. At the time, according to CoinGape reports, CME's XRP futures open interest approached approximately $530 million, while Binance recorded approximately $510 million.

CoinGape pointed out that due to this situation, even if position changes on Coinbase are not significant, short position closures on CME alone could influence market sentiment surrounding XRP's price.

Additionally, in August, XRP futures trading volume had increased to its highest level in six months. According to CoinGape, $37 billion in trading occurred on Binance alone, and the combined volume of the top three exchanges exceeded $64.6 billion.

CoinGape added that high derivatives trading volume combined with differences in positions across exchanges presents conditions that could lead to increased volatility, but cannot be seen as a signal confirming a clear trend.

■ Coinbase Still Holds 141.6 Million Shorts

A different picture emerged on Coinbase. According to CoinGape, net short exposure on Coinbase's standard XRP futures product improved slightly, decreasing by 3.65 million XRP. Meanwhile, short exposure increased by 1.29 million XRP in its nano perpetual futures product.

CoinGape reported that combining Coinbase's three products, leveraged funds still hold net short positions of approximately 141.6 million XRP.

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