Deribit Exchange Sees Surging XRP Options Activity as Price Jumps 12%

XRP surged 12% in 24 hours to $3.32—its highest level since late July—as institutional traders placed bullish volatility bets through block options trades on Deribit. The payments-focused cryptocurrency is now outperforming both Bitcoin (BTC) and Ethereum (ETH) in short-term gains.

Thursday's trading was dominated by two large straddle positions: a $416,000 premium paid for 100,000 contracts at the $3.20 strike, followed by a similar trade at $3.10. These non-directional plays indicate traders are anticipating significant price movements, often preceding major events like regulatory decisions or product launches.

Lin Chen, Deribit's Asia Business Head, noted growing institutional demand, prompting the exchange to introduce year-end XRP options. "XRP has outperformed BTC this year," Chen observed, highlighting that block trades now account for 15% of Deribit's XRP options volume.