XRP Options Open Interest Clusters at $1.40, Raising Risk of Sharp Volatility

Although the XRP options market is smaller than those for Bitcoin and Ethereum, concentrated positions can still amplify spot-price swings. When large amounts of open interest build at a specific Deribit strike, market makers’ hedging before expiry can create a tug of war around that price. That has made $1.40 a key level for the market. One trader also placed a $224,000 bet that XRP would remain flat through June.

XRP was trading at about $1.50 at the time of the latest report, not far from the $1.40 strike on Deribit. About $14.6 million in open interest is concentrated at that level, representing roughly 25% of the exchange’s total XRP options open interest. As the contracts enter their final days before expiry, a move toward $1.40 could increase hedging and position-closing activity, intensifying short-term volatility.