XRP Options Skew Rebounds but Remains More Than a Third Below August Peak

XRP options skew rebounds to 9.3 volatility points, reaching the 95th percentile while remaining more than a third below its August peak.

XRP’s one-week options skew has rebounded to 9.3 volatility points, but the gap between call and put implied volatility remains more than a third below its late-August peak. Coinbase Markets placed the latest reading in the 95th percentile, highlighting an elevated call premium without a new high in the period shown.

The chart, compiled using Glassnode and Coinbase data through September 22, 2026, shows the spread briefly exceeding 15 volatility points in late August. It subsequently narrowed toward zero before widening again in September.

Elevated XRP Options Reading Remains Below August High

Coinbase’s chart places the latest recovery below the sharp call-premium expansion recorded in late August, when the skew rose above 15 volatility points.

Against a 15-point benchmark, the latest 9.3-point reading is 38% lower. The plotted August peak extended slightly above that benchmark, making the decline from the actual high larger. This comparison measures the change in options skew—not a decline in XRP’s spot price.

The historical percentile and the distance from the peak describe different aspects of the same reading. A spread can rank above approximately 95% of observations in a comparison sample while remaining below an earlier, larger spike. Coinbase’s percentile ranking therefore does not establish that the call premium has reached a record.

September Recovery Follows a Narrowing Call Premium

The move back to 9.3 points followed several weeks of fluctuations after August’s spike.

During September, the skew repeatedly moved toward zero and briefly crossed below it. The final section of the chart then shows another rise toward double-digit territory, before ending at the reading highlighted by Coinbase.

That sequence contrasts with much of November 2025 through June 2026, when the indicator remained predominantly negative. Several declines took it below minus 10 volatility points, with troughs approaching minus 13 around February and June.

The skew moved closer to zero during July and much of August before turning sharply positive late in August. The September rebound restored a wider call premium, but not the largest one displayed on the chart.

Positive readings indicate higher implied volatility for calls than comparable puts. Negative readings indicate the reverse. Accordingly, the chart’s purple sections represent call premiums, while its gray sections represent put premiums.

What XRP’s 9.3-Point Options Skew Measures

The indicator compares call and put implied volatility at a standardized one-week maturity and a 25-delta reference point. Glassnode calculates the spread by subtracting put implied volatility from call implied volatility and expresses the result directly in volatility points.

Delta measures how sensitive an option’s value is to changes in its underlying asset. The comparison matches calls and puts with approximately equal absolute delta, rather than requiring both contracts to have the same strike price.

A reading of 9.3 means the selected calls carry implied volatility 9.3 percentage points above the selected puts. It does not mean XRP is expected to gain 9.3%, nor does it measure how many calls were purchased relative to puts.

Coinbase described XRP options as “leaning toward upside convexity” and questioned whether the pricing reflected sensible positioning or crowded demand. The spread establishes the relative call premium; determining whether demand is crowded would require additional information about trading activity and positions beyond the skew chart.