XRP options traders are paying a rising premium for calls as demand for upside exposure builds around the token's recent price recovery.

Data published by Coinbase Markets shows XRP's one-week 25-delta call-minus-put skew has reached 9.3 volatility points, a level the firm highlighted as a 95th percentile reading indicating unusually strong demand for calls. The shift follows a gain of roughly 18% for XRP over the past seven days, a rebound that has renewed appetite for bullish positioning in the derivatives market. Skew readings of this kind are closely tracked because short-dated contracts are commonly used to express near-term views, making the metric a live gauge of where options traders are concentrating their demand.

$XRP options are leaning toward upside convexity. At the 1w 25Δ point, calls trade 9.3 vol points above comparable puts, a 95th percentile reading. Sensible positioning, or crowded demand? pic.twitter.com/lLq1cbBfKy

— Coinbase Markets (@CoinbaseMarkets) September 23, 2026 (X post)

Skew Flips Firmly Into Positive Territory

Coinbase Markets characterized the market as leaning toward upside exposure. A reading of +9.3 means implied volatility for selected calls stands 9.3 points above that of comparable puts. It does not mean traders expect XRP's price to rise by 9.3%, and it does not provide a direct price forecast.

The current reading marks a stark contrast with conditions over much of the past year. During late 2025 and much of early 2026, the one-week skew stayed negative and at times fell below -10 points, indicating that short-term options pricing favored downside protection. More recently, XRP rebounded toward $1.55 after trading near $1.39, and options demand rotated toward calls. The move back above zero therefore marks a break from the pricing pattern that dominated the past year.

Calls Command Higher Premiums After the Rebound

The rotation has developed quickly. XRP's one-week skew briefly climbed above 15 volatility points in late August before easing, and it has since returned toward double-digit territory — a sign traders are willing to pay higher prices for short-term upside exposure. The metric has now held at or near double-digit positive levels, underscoring how quickly pricing has rotated toward upside exposure.

A 25-delta risk reversal compares the implied volatility of calls and puts with similar sensitivity to price moves. A positive reading means calls carry the higher premium, while a negative reading means puts cost more on a comparable basis, reflecting stronger demand for downside protection. Metrics like this are standard tools on both crypto and traditional options desks for comparing the relative cost of bullish and bearish exposure.

Network Developments Add Background

Recent market activity has also included changes outside the derivatives arena. XRP Ledger Batch V1.1 moved closer to activation after gaining support from 30 of 35 tracked validators. The update groups linked transactions so that several actions can settle together or fail together as a single unit, preventing some legs of a grouped transaction from settling while others fail. Whether the remaining validators add their support is one of the ledger-side developments market participants can monitor alongside the options data.

Elevated Call Demand Does Not Guarantee Gains

Options skew can show where traders are paying more for exposure or protection, but it cannot confirm what XRP will do next. Strong call demand may reflect bullish positioning, hedging activity, or traders seeking exposure after a fast price move. Premiums are ultimately set by supply and demand among options traders and can shift just as quickly as they turned positive.

XRP surged above $1.60 during the latest rebound as large-holder activity and new wallet creation increased. That move provides context for the renewed call demand, although options pricing can change rapidly when volatility, positioning, or spot prices move.

For now, the 9.3-point skew signals a clear preference for calls relative to puts. Traders will watch whether the reading stays elevated as XRP's spot market responds to the gains and to evolving demand.