TLDR
- XRP’s one-week 25-delta call-minus-put skew climbed to 9.3 volatility points.
- The reading sits in the 95th percentile, showing unusually strong demand for calls.
- XRP options had mostly negative skew during late 2025 and early 2026.
- The skew briefly moved above 15 volatility points in late August before cooling.
- XRP has gained about 18% over the past seven days, supporting renewed demand for upside exposure.
XRP options traders are paying a higher premium for calls as demand for upside exposure rises. Coinbase Markets said XRP’s one-week 25-delta call-minus-put skew reached 9.3 volatility points, placing the reading in the 95th percentile. The move shows traders are paying more for comparable calls than puts after XRP gained about 18% over seven days.
XRP Options Skew Turns Strongly Positive
Coinbase Markets described the market as leaning toward upside exposure. The +9.3 reading means implied volatility for selected calls stands 9.3 points above comparable puts. It does not mean traders expect XRP’s price to rise by 9.3%, and it does not provide a direct price forecast.
The change follows a period when short-term XRP options favored downside protection. During late 2025 and much of early 2026, the one-week skew stayed negative and sometimes fell below -10 points. More recently, XRP rebounded toward $1.55 after falling near $1.39, while options demand shifted toward calls.
Calls Gain Premium After XRP Rebound
The shift has developed quickly. XRP’s one-week skew briefly moved above 15 volatility points in late August before easing. It has returned toward double-digit territory, showing traders accept higher prices for short-term upside exposure.
A 25-delta risk reversal compares implied volatility of calls and puts with similar sensitivity to price moves. A positive reading means calls carry a higher premium. A negative reading means puts cost more on a comparable basis, reflecting stronger demand for downside protection.
Recent market activity has included changes outside derivatives. XRP Ledger Batch V1.1 moved closer to activation after gaining support from 30 of 35 tracked validators. The update groups linked transactions so several actions can settle together or fail together.
Bullish Positioning Does Not Guarantee Gains
Options skew can show where traders are paying more for protection or exposure, but it cannot confirm what XRP will do next. Strong call demand may reflect bullish positioning, hedging, or traders seeking exposure after a fast price move.
XRP surged above $1.60 during the latest rebound as large-holder activity and new wallet creation increased. That move provides context for renewed call demand, although options premiums can change quickly when volatility, positioning, or spot prices shift.
For now, the 9.3-point skew shows a strong preference for calls relative to puts. Traders will watch whether the skew stays elevated as XRP’s spot market responds to gains and changing demand.
