Nearly $100M in Open Interest Builds in XRP Options as Volatility Spurs Yield Hunters

XRP Options Open Interest Nears $98 Million as Traders Show Growing Bullish Sentiment

XRP’s options market is heating up, with the dollar value of open interest on Deribit reaching nearly $98 million—close to its all-time high of $102.3 million set just weeks ago. This surge comes amid rising implied volatility, which has made XRP options especially attractive to yield-seeking investors.

Since the June 27 quarterly expiry, open interest has climbed 38%, from $71 million to the current level, with the total number of contracts increasing 26% to over 42,000. Each contract represents 1,000 XRP.

XRP continues to stand out with higher implied volatility than major cryptocurrencies like Bitcoin, Ether, and Solana. Lin Chen, head of Asia business development at Deribit, noted that XRP’s impressive 300% annual return over the past year is reflected in its active options market and elevated volatility.

Many traders are engaging in cash-secured put selling, a strategy where they collect premiums by selling put options backed by stablecoins. This approach allows investors to generate income while preparing to buy XRP if prices dip.

Bullish Indicators in the Options Market

Data from Amberdata shows positive 25-delta risk reversals for XRP, meaning the market favors call options over puts—an indicator of bullish sentiment. These positive risk reversals are consistent across short-term and longer-dated contracts expiring in August and September.

Open interest heavily favors calls, with more than 30 million call contracts open versus around 11.9 million put contracts. This yields a put-call ratio of just 0.39, further highlighting strong market optimism.