XRP options traders have sharply increased their interest in upside exposure after the cryptocurrency rallied 18% over the past week. Data published by Coinbase Markets, the institutional trading division of the major exchange, shows that XRP’s one-week 25-delta call-minus-put skew climbed to 9.3 volatility points, reaching the 95th percentile of historical readings.
Options skew signals strong call demand
The options skew reflects the difference in implied volatility between calls and puts of similar sensitivity. A positive skew means that calls—options that benefit if XRP’s price rises—are trading at a higher premium relative to puts, which profit if the price falls. The recent 9.3-point figure means XRP traders are paying a notable premium for short-term call options compared to equivalent puts.
Coinbase Markets described the current options environment as displaying “upside convexity,” with calls trading 9.3 volatility points above comparable puts. That level is considered unusually high relative to XRP’s historical norms. The firm noted this is a 95th percentile reading for the metric, signaling an unusually strong demand for upward exposure.
At the 1-week 25-delta point, XRP calls are trading 9.3 vol points above comparable puts, a 95th percentile reading. This shift shows robust appetite for short-term upside exposure.
While the skew does not imply traders expect XRP’s price to rise by 9.3%, it does indicate the market is willing to pay a sizable premium to participate in any further increase following the token’s recent price surge.
Shift from bearish to bullish positioning
The latest shift represents a change from the prevailing sentiment observed in late 2025 and early 2026, when short-term XRP options mostly displayed negative skew. At times during that period, the one-week skew dropped below -10 volatility points, reflecting stronger demand for downside protection.
Recent price action has likely contributed to the renewed call demand. XRP rebounded toward $1.55 after briefly falling close to $1.39, prompting options traders to seek exposure to further upside. The skew briefly spiked above 15 volatility points in late August before moderating, yet remains in double-digit territory, reinforcing the perception of bullish repositioning.
| Period | 1w Skew (Call minus Put) | XRP Price |
|---|---|---|
| Late 2025 – Early 2026 | Negative, below -10 at times | Varied, downtrend |
| Late August 2026 | Above 15 (briefly) | Rebound begins |
| Current | 9.3 (95th percentile) | Up 18% in week, $1.55 tested |
A 25-delta risk reversal, the metric used for this skew, compares the implied volatility of calls and puts with an equal probability of ending in the money, allowing a clearer view of market sentiment for short-term moves.
Mini dictionary: 25-delta risk reversal, a commonly used options metric that measures the difference in implied volatility between out-of-the-money call and put options with a delta of 25%, giving insight into whether options traders are positioning for upward or downward price movement.
XRP Ledger update nears activation
Alongside activity in the options markets, the underlying XRP blockchain has seen progress with its Batch V1.1 upgrade. The update has moved towards activation following support from 30 out of 35 validators. The Batch V1.1 upgrade will enable groups of linked transactions to be executed together, allowing multiple operations to succeed or fail as a unit—improving efficiency and composability for developers and institutions using the network.
The combination of technical developments and renewed interest from institutional traders has focused attention on the outlook for XRP. However, derivatives pricing remains sensitive to fast-moving trends in price, volatility, and overall trader positioning.
Strong call demand signals bullish sentiment but does not guarantee future gains, as options premiums often shift in response to new market dynamics.
Following XRP’s surge above $1.60, increased activity by large holders and a rise in the creation of new wallets have provided additional context for the current spike in short-term options premiums. Market participants remain watchful to see if the elevated call skew persists in the coming sessions as sentiment and spot price action continue to evolve.
