Coinbase Flags Unusually Strong Demand for XRP Call Options

In Brief:

• Coinbase Markets reports XRP calls carry a 9.3-point volatility premium over comparable puts, placing skew in the 95th percentile.
• XRP options pricing reversed its preference for downside protection, following a period when puts commanded higher implied volatility than calls.
• CoinGecko reports XRP gained roughly 18% over seven days, although expensive calls cannot establish traders’ motives or predict future prices.

 

Coinbase Markets has identified unusually strong demand for XRP call options, with its one-week bullish skew reaching the 95th percentile. Its reading shows traders paying a substantial premium for upside exposure relative to comparable downside protection.

According to Coinbase Markets, XRP’s one-week, 25-delta call-minus-put skew stands at 9.3 volatility points. That places the reading above roughly 95% of observations in the comparison period.

In options markets, calls provide exposure to a potential price increase, while puts provide exposure to a decline. Traders can compare their implied volatility to see which side commands a greater premium.

Currently, XRP calls carry implied volatility 9.3 points higher than comparable puts. The gap reflects unusually expensive upside exposure, although it does not show how much XRP will rise.

For example, a 9.3-point skew does not represent a predicted 9.3% gain in XRP’s price. It describes the difference between the implied volatility of two groups of options.

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XRP Options Pricing Reverses Earlier Preference for Puts

The current reading marks a significant departure from the pattern seen through much of late 2025 and early 2026. During that period, XRP’s one-week skew remained negative and sometimes fell below minus 10 volatility points.

Puts carried higher implied volatility than comparable calls at those levels, showing greater demand for downside exposure. However, the balance changed in late August, when the skew briefly climbed above 15 volatility points.

That jump later eased, but Coinbase’s latest reading shows calls commanding a substantial premium again. The shift indicates a change in options pricing, rather than proof that every trader expects XRP to rally.

Some participants buy calls to benefit from an advance, while others may use options alongside existing positions. Consequently, the skew reveals what traders pay for exposure without identifying the purpose behind each transaction.

XRP’s Price Recovery Adds Context to Bullish Options Demand

The contracts’ one-week expiry limits what the reading can show about longer-term expectations. Demand for short-dated options can change quickly as prices move and traders adjust their positions.

CoinGecko data cited in the market report shows XRP gained roughly 18% over the preceding seven days. That recovery helps explain the stronger call premium, though it doesn’t explain what drove individual options trades.

Coinbase’s figures point to one clear development in the XRP market. Upside exposure has become unusually expensive relative to comparable puts, while XRP’s future price direction remains uncertain.

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