XRP Rallies to $1.60 as CME Shorts Slash While Coinbase Positioning Stalls
XRP (XRP)
Editor:
Eugene Serbin
cvj.ai reports that XRP surged to $1.60 on September 22 with $7.4 billion in volume, sparking speculation of a massive short squeeze. CFTC data from September 15 reveals leveraged funds cut their CME net shorts by 46.3 million XRP in a single week. This reduction came from 621 fewer short contracts and 305 more long contracts, dropping open interest by 509 contracts.
In contrast, leveraged funds on Coinbase Derivatives reduced their combined net short by only 2.452 million XRP. Coinbase traders remained net short approximately 141.6 million XRP, a position nearly four times larger than CME’s net short. The divergence suggests a venue-specific reset rather than a broad market-wide directional shift.
CME’s standard future represents 50,000 XRP per contract, while Coinbase products vary in size. The CFTC snapshot indicates that short reductions drove most of the improvement on CME, though some new long exposure appeared. This positioning change fueled the narrative that bears were forced to cover positions as prices rose.
How the market reacted
Whalio's own Binance spot order flow for XRP, measured when this story was written up on 23 September 2026. Not the outlet's figures.
XRP is currently trading at $1.57 on Binance spot markets. Buy pressure appears to be building over the medium term, with the 4-hour buy ratio at 54.7% compared to 46.2% over the last hour. The 24-hour buy ratio sits at 49.8%, indicating a near-even split in trading volume over the day. Volume delta shows mixed signals, with positive inflows of $6.8 million over 4 hours offset by outflows of $3.6 million in the last hour. Over 24 hours, the net volume delta is -$2,518,285, and cumulative volume delta (CVD) closed at -$5,295,953. This indicates that while short-term momentum is slightly bearish, the broader intraday trend has seen periods of strong buying.
The latest daily buy ratio of 50.6% sits at the 83rd percentile of the last 322 days, against a median of 48.5% - stronger buying than most days.
Was that an ordinary day?
The same Binance spot measurements for XRP, averaged over the days leading up to the story.
Over the preceding week, XRP experienced a 22.6% price increase with volume 1.63 times the average. Net buying occurred on 3 of the 7 days, with a total volume delta of +$6,525,958 for the period. Today’s 24-hour volume of $477,823,347 is substantial, though the daily buy ratio of 49.8% matches the weekly average exactly. This suggests the current trading day is ordinary in terms of buyer-seller balance despite the recent price surge. The weekly data shows a clear accumulation phase, contrasting with the mixed delta seen in the most recent hours.