The way XRP is pumping this time has nothing to do with leverage. Total open interest dropped by 16%, retail investors are reducing positions, but CME increased by 36%, pushing its share from 10% to 17%. Institutions are moving XRP's battlefield from offshore to regulated exchanges. Leverage funds doubled their shorts, net short positions now at 116 million, betting it's peaked. Last week, I said the borrowed pump theory doesn’t apply to XRP. I haven’t touched my empty position, but this pump feels stronger than BTC’s move last week.