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The implied volatility gap between one-week XRP call and put options widened to 9.3 percentage points, a level in the top 5% of readings seen over the past year, according to Coinbase Markets. The move indicates a sharp increase in demand for call options betting on further gains in XRP.
The indicator emerged as XRP rose about 15% to 18% over the past week. XRP futures open interest also surged to $4.1 billion, while CME overtook Binance to become the largest XRP futures exchange. Coinbase Markets added that concentrated buying in call options after the recent rally has increased the risk of crowded positioning alongside rising upside expectations.