XRP volume explodes to $7.4B, and a massive CME short squeeze is blamed

What happened

Key facts

• CME leveraged funds cut 46.3 million XRP of net short exposure, while three Coinbase products barely moved.
• Reported by CryptoSlate and published Wed, 23 Sep 2026 00:40:58 UTC.

Why it matters

Digital-asset markets react to catalysts within minutes, and liquidity, ETF flows and regulatory signals are usually what decide whether a move sticks.

What to watch next

• Whether spot volume and open interest confirm the move
• Liquidation clusters around the current price
• ETF flow data and any regulatory follow-up

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