XRP Options Frenzy: Open Interest Hits $100M as Traders Chase Volatility-Driven Yields

XRP options markets are heating up—fast. With open interest flirting with the $100 million mark, yield-hungry traders are piling into the volatile asset class.

High stakes, higher rewards?

The surge comes as XRP’s notorious price swings create prime conditions for options strategies. Whether hedging or speculating, market participants are clearly betting big—or just desperate for returns in a market where traditional finance keeps underwhelming.

Risk reversals are skewed bullish

As of the time of writing, the 25-delta risk reversals were positive, indicating a bias toward call options, or bullish bets, according to data tracked by Amberdata.

The 25-delta risk reversal is a strategy that comprises a long put position and a short call option (or vice versa) with a 25% delta, meaning both options are relatively far from the underlying asset's current market price.

The pricing for risk reversals across tenors helps identify market sentiment, with positive values representing a relative richness of calls and negative values indicating a downside bias. At press time, short-term XRP risk reversals and those tied to August and September expiries were positive.

Furthermore, more than 30 million calls were open, outstripping 11.92 million puts, giving a put-call ratio of 0.39, also a sign of bullish sentiment in the market.

: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.