XRP registered an intraday high of $1.60 on Sept. 22, with roughly $7.4 billion in reported volume. The move was strong, but the latest public data on regulated futures showed different positioning shifts across venues.

The Commodity Futures Trading Commission's Sept. 15 snapshot showed leveraged funds cutting their net short in CME futures by the equivalent of 46.3 million XRP in one week. Net short means reported short contracts exceeded reported long contracts.

Across three separately reported Coinbase Derivatives products, adjusted for each contract's unit, the same trader category reduced its combined net short by only 2.452 million XRP and remained short about 141.6 million XRP.

That disconnect points to a concentrated positioning reset. The dates also block a causal conclusion: the positions were observed Sept. 15 and released Sept. 18, before the Sept. 22 price snapshot.

CME's standard future represents 50,000 XRP per contract. Leveraged funds held 1,585 long contracts and 2,304 short contracts on Sept. 15, leaving a 719-contract net short equal to 35.95 million XRP.

A week earlier, their reported position was 1,280 longs against 2,925 shorts, or 1,645 contracts net short, equivalent to 82.25 million XRP. The change between reports reduced the net short by 926 contracts, or 46.3 million XRP.

The shift came from both higher longs and lower shorts. Leveraged-fund longs rose by 305 contracts while shorts fell by 621. Short reductions drove most of the improvement, but some new long exposure also appeared.

Open interest fell by 509 contracts over the same week, equal to 25.45 million XRP. The decline is compatible with traders closing positions even as the category added longs.