On September 22, XRP reached an intraday high of $1.60, with reported trading volume of approximately $7.4 billion. A report from the Commodity Futures Trading Commission (CFTC) on September 15 showed that leveraged funds reduced their net short positions in XRP futures on CME by 46.3 million over the week. In contrast, the same category of traders collectively reduced their net short positions by only 2.452 million XRP across Coinbase's three derivatives products, still holding approximately 141.6 million XRP in short positions. The report noted that the position adjustments on CME significantly exceeded those on Coinbase, and the data observation date (September 15) was earlier than the XRP price surge (September 22), thus preventing direct causal conclusions.