Coinbase Flags Unusual XRP Options Activity
Coinbase's research team observed a notable rise in XRP options trading, with call options significantly outpacing puts, reaching a 95th percentile skew. The firm questions whether this reflects rational positioning or excessive speculation. XRP has been holding around $1.50, with a shift from bearish to bullish sentiment in recent months.
The 25-week-delta call-minus-put skew reading of 9.3 volatility points marks a sharp reversal from earlier 2026 positioning, when XRP options were consistently put-heavy, often dipping below -0.10 volatility points. That bearish posture flipped during the August rally toward $1.70, when the metric surged past 15. XRP now trades near $1.50, with traders watching the $1.55 confluence zone as a pivotal resistance level. Meanwhile, futures markets show short-sellers pressing their advantage, driving $17.69 million in bull liquidations on Thursday alone, suggesting mixed signals between the options and futures arenas.
This unusual options skew could signal shifting institutional sentiment toward XRP, potentially influencing retail investors who track derivatives data as a proxy for smart-money positioning. If the call-heavy demand reflects genuine hedging rather than speculation, it may bolster confidence in XRP's stability. Conversely, crowded bullish positioning could amplify downside volatility if the $1.55 resistance fails, affecting traders and holders alike. The divergence between bullish options and bearish futures also highlights how fragmented market signals can be, potentially complicating investment decisions for casual participants.