Coinbase Markets has identified one of the strongest bullish skews in the XRP options market over the past year, signaling that traders are paying an unusually steep premium for upside exposure.
According to data from Coinbase Markets, XRP’s one-week 25-delta call-minus-put skew climbed to 9.3 volatility points, placing the reading in the 95th percentile. In practical terms, demand for comparable call options has rarely been this strong relative to puts. Coinbase Markets noted that XRP options are leaning toward upside convexity.
For much of late 2025 and the first half of 2026, the one-week skew was negative and at times fell below -10 volatility points, meaning puts carried higher implied volatility than equivalent calls. That dynamic changed rapidly: the skew briefly surged above 15 volatility points in late August before cooling, and it has now jumped back toward double-digit territory.
The 25-delta risk reversal compares the implied volatility of one-week XRP calls with comparable one-week puts. A current reading of +9.3 means call implied volatility is 9.3 volatility points higher than put implied volatility. Coinbase Markets cautioned that this does not imply XRP is expected to rise by 9.3%, and extreme skew is not necessarily an unambiguously bullish price signal.
The bullish options positioning follows a strong XRP comeback. CoinGecko data shows XRP has gained roughly 18% over the past seven days.
