Coinbase 指出 XRP 看涨期权需求异常强劲

Coinbase Markets pointed out that the volatility premium of XRP call options is significant, with skewness at a high of 95%.

Coinbase Markets reported that the volatility premium of XRP call options is 9.3 points higher than that of comparable put options, putting the skewness indicator at the 95th percentile. XRP option pricing has reversed its previous preference for downside protection, and the market wind direction has changed after a period of implied volatility of put options being higher than call options. XRP has risen about 18% in the past seven days, according to CoinGecko, although high call option prices do not directly establish traders 'motivations or predict future price movements.

Demand for XRP call options is extremely strong

Coinbase Markets found that the market demand for XRP call options is extremely strong, with the bullish bias in the first cycle reaching the 95th percentile. This reading shows traders are willing to pay a huge premium for upside exposure relative to comparable downside protection.

According to Coinbase Markets, XRP's weekly 25Delta call minus bear bias is 9.3 volatility points. This reading is higher than approximately 95% of the observed values during the comparison period.

In the options market, call options provide exposure to price increases, while put options provide exposure to declines. Traders can compare the implied volatility of the two to see which side received the higher premium. Currently, the implied volatility of XRP call options is 9.3 points higher than comparable put options. This gap reflects the extremely expensive price of upside exposure, but it does not mean XRP will rise much.

For example, a skewness of 9.3 points does not mean that XRP prices are expected to rise 9.3%. It describes the difference in implied volatility between two sets of options.

XRP option pricing reverses previous preference for put options

The current reading marks a significant departure from the pattern seen through much of late 2025 and early 2026. During this period, the one-week skewness of XRP remained negative, sometimes dropping below-10 volatility points.

At these levels, the implied volatility of put options is higher than comparable call options, indicating greater demand for downside exposure. However, this balance changed in late August, when skewness briefly climbed above 15 volatility points.

The jump then eased, but Coinbase's latest reading showed call options again occupying a large premium. This shift suggests a change in option pricing rather than proof that every trader expects XRP to rebound. Some participants buy call options to profit from gains, while others may use options in conjunction with existing positions. Thus, skewness reveals why traders pay fees to gain exposure, but cannot identify the specific purpose behind each transaction.

XRP price recovery provides background for call option demand

The one-week expiration of these contracts limits the long-term expectations that this reading can show. Demand for short-term options may change rapidly as prices move and traders adjust positions. CoinGecko data cited in the market report showed XRP rose about 18% in the first seven days. This recovery helps explain the strengthening of call option premiums, but it does not explain the factors driving individual option trading.

Coinbase's data points to a clear trend in the XRP market: upside exposure has become extremely expensive relative to comparable put options, and the future price direction of XRP remains uncertain.