XRP Options Open Interest Reaches $97.97M Amid Bullish Sentiment and Implied Volatility Surge

XRP derivatives market surges with open interest nearing $100 million on Deribit. Bullish bets dominate with a 30:11 ratio of call to put options, and implied volatility pushes XRP ahead of BTC, ETH, and SOL. Technical strength, increased institutional interest, and a 300% year-to-date price gain have contributed to the bullish momentum.

The XRP derivatives market has witnessed a significant surge in open interest, nearing $100 million on Deribit, according to recent data. This rapid increase is driven by high implied volatility, which has drawn yield hunters and boosted the popularity of XRP options.

The notional open interest (OI) in XRP options on Deribit has surged 38% in two weeks, rising from $71 million to nearly $98 million [1]. This substantial increase is attributed to the token's high implied volatility, which is higher than major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) [2]. The contract multiplier for XRP on Deribit is 1,000 XRP, indicating a significant rise in both dollar value and contract terms.

Lin Chen, Deribit's head of Asia business development, highlighted the token's strong performance. "XRP has delivered an annual return of over 300% over the past 12 months. Its options have also gained significant popularity, reflected in the highest implied volatility among major tokens — indicating strong investor demand," Chen told CoinDesk [1].

The market sentiment is bullish, as evidenced by the 30:11 ratio of call to put options, with more than 30 million calls open compared to 11.92 million puts [1]. The 25-delta risk reversals are skewed bullish, indicating a preference for call options [1]. This bullish sentiment is further supported by the token's impressive year-to-date price gain of over 300%.

The increase in open interest and the dominance of call options suggest that traders are confident in XRP's price appreciation. One strategy traders are employing is selling cash-secured puts, which involves holding enough stablecoins to ensure the underlying asset can be bought if the price slides [1].

The surge in XRP derivatives market activity is a reflection of increased institutional interest and technical strength in the token. As XRP continues to gain traction, investors and financial professionals should closely monitor the market for further developments.

References:
[1] https://www.coindesk.com/markets/2025/07/10/open-interest-in-xrp-options-nears-usd100m-as-high-volatility-draws-yield-hunters
[2] https://coinstats.app/news/11c6db1f7f0a7ba8a8c01d9401bc2e8b2b3ae0f35018a8f4c3cf00a8932ee5dc_-Open-Interest-in-XRP-Options-Nears-100M-as-High-Volatility-Draws-Yield-Hunters/