Options Traders Pay Up for XRP Upside XRP's derivatives market is flashing an unusually bullish signal. According to Coinbase Markets, the token's one-week 25-delta call-minus-put skew has cl
XRP's derivatives market is flashing an unusually bullish signal. According to Coinbase Markets, the token's one-week 25-delta call-minus-put skew has climbed to 9.3 volatility points, placing it in the 95th percentile of historical readings. In plain terms, traders are paying a significant premium for short-term $XRP call options over comparable puts, showing a clear tilt toward upside exposure.
A 25-delta risk reversal compares the implied volatility of out-of-the-money call options against equivalent put options. A positive reading means calls are commanding higher premiums, reflecting stronger demand for bets on a price rise. The current +9.3 reading does not forecast a 9.3% price gain. It signals that the market's appetite for upside exposure is, by historical standards, rare.
The move represents a striking turnaround. For much of late 2025 and the first half of 2026, the one-week XRP skew remained in negative territory, occasionally falling below -10 volatility points, indicating traders were assigning greater implied volatility to puts than to calls. That dynamic has now reversed. The skew briefly climbed above 15 volatility points in late August before easing, and has since pushed back toward elevated levels.
The shift in options sentiment has come alongside a recovery in XRP's spot price. CoinGecko data shows the token has gained roughly 18% over the past seven days. Large-holder activity and a rise in new wallet creation have added further context to the renewed interest in short-term call premiums.
That said, extreme skew readings are not always straightforward bullish signals. As Coinbase Markets noted, strong call demand can also reflect traders hedging existing spot positions or reacting to recent momentum rather than expressing a pure directional view. Options premiums can shift quickly when volatility, positioning, or the spot price changes course.
For now, the data points to an options market that is leaning firmly toward upside convexity in $XRP, a positioning level that has been rarely seen over the past year.
Sources:KuCoin News: Coinbase Reports Unusually High Demand for XRP Call OptionsU.Today: Coinbase Spots Extreme Bullish Demand in XRP OptionsZyCrypto: XRP Bullish Bets Heat Up as Coinbase Flags Surging Options Demand
