XRP options market just sent a 9.3-vol-point love letter to the bulls 🐂

XRP options traders are paying up for upside bets, with Coinbase Markets flagging a one-week 25-delta call skew of 9.3 volatility points on September 23, a 95th-percentile reading in the exchange's dataset. The metric, which compares the implied volatility of 25-delta calls to matching puts, shows calls trading at a rare premium and frames the current setup as "sensible positioning, or crowded demand," according to Coinbase Markets. The bullish tilt follows a sharp weekly recovery, with XRP climbing roughly 15% to 18% over seven days and spot recovering toward the mid-$1.50s after touching lows near $1.39.

A 25-delta risk reversal is a measure of relative pricing on the options surface rather than a directional price target. At +9.3 vol points, one-week 25-delta XRP calls carry implied volatility 9.3 points above equivalent puts, indicating that market participants are willing to pay a premium for sharp upside exposure over the next week. Readings at the 95th percentile have historically signaled elevated demand for calls, a condition that can amplify short-term moves if sentiment holds but also raises the risk of a positioning unwind if XRP fails to extend its rally.

Alongside the options signal, derivatives activity has expanded. XRP futures open interest has climbed to $4.1 billion, with CME overtaking Binance to become the largest venue by open interest. The shift in venue share comes as institutional desks have increased engagement through regulated futures, even as offshore platforms continue to host a share of speculative positioning.

The combination of a steep call skew, expanding futures open interest and a double-digit weekly rally has drawn scrutiny from traders monitoring crowding risk. Coinbase Markets noted that the setup leaves XRP particularly sensitive to incoming catalysts, with the implied volatility gap both reflecting bullish conviction and exposing the market to rapid repricing if spot fails to follow through.

XRP, the token used for liquidity on Ripple's payment network, remains the focal point of the move. Traders cited by Coinbase Markets said the 9.3-vol-point skew is consistent with late-stage bullish sentiment rather than a fresh accumulation phase, a distinction that may shape how options desks hedge into expiry.