Yield Hunters Flock to XRP Options as Open Interest Nears $100 Million Amid Volatility

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

The XRP options market is heating up, with open interest on Deribit reaching nearly $98 million—close to the all-time high of $102.3 million set earlier this summer. This surge is driven by rising implied volatility, attracting investors seeking higher yields.

Since the June 27 quarterly expiry, open interest has jumped 38%, climbing from $71 million to current levels. The total number of contracts has also increased by 26% to over 42,000, with each contract representing 1,000 XRP.

XRP’s implied volatility remains higher than major cryptocurrencies like Bitcoin, Ether, and Solana. Lin Chen, head of Asia business development at Deribit, noted that XRP’s remarkable 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—selling put options backed by stablecoins—to collect premiums while positioning to buy XRP if prices fall.

Bullish Signals in the Options Market

Amberdata data shows positive 25-delta risk reversals for XRP, indicating a preference for call options over puts—an indicator of bullish market sentiment. This trend extends across short-term and longer-dated options expiring in August and September.

Open interest favors call options, with more than 30 million contracts open compared to roughly 11.9 million puts, yielding a put-call ratio of 0.39. This strongly suggests optimism among traders.