XRP Faces Ongoing Bearish Pressure Even as ETF Sentiment Grows

XRP ETF Buzz Grows, But Options Market Remains Bearish

XRP may be gaining attention as a potential contender for the next U.S. spot crypto ETF, but derivatives markets aren’t reflecting the same bullish enthusiasm.

This week, analysts pointed to XRP’s solid order book depth—outperforming peers like Solana’s SOL—as a sign of market maturity. The payments-focused token, central to Ripple’s cross-border settlement infrastructure, has become a leading candidate for ETF consideration following the launches of bitcoin (BTC) and ether (ETH) spot products.

However, a look at the options market paints a more cautious picture. Data from Amberdata shows that on Deribit, XRP put options are consistently priced higher than call options across several expiries. The persistent negative skew suggests traders are more inclined to hedge against downside moves than bet on further gains.

Put options provide downside protection and are often favored by traders expecting volatility or price declines. When puts carry a premium, it signals defensive positioning—and in this case, skepticism about XRP’s near-term strength.

Technically, XRP has also broken below an ascending wedge formation, a move that often precedes price corrections. The breakdown adds weight to the possibility of a pullback toward the $1.60 zone—XRP’s recent support level.

While fundamental interest in XRP is building thanks to ETF chatter and its strong liquidity profile, options activity reveals that professional traders are still hedging their bets.