XRP Derivatives Flash Mixed Signals as Volatility Fades

Options activity continues to skew bullish on paper, but the structure beneath tells a more nuanced story. Data collected from Binance on Feb. 4 shows call contracts dominating both open interest and 24-hour volume, with calls accounting for 86.87% of total open interest versus 13.13% for puts.

In notional terms, call open interest stood at roughly $255.3 million, compared with $38.6 million tied to puts, suggesting traders are still positioning for upside scenarios rather than deep downside hedges. That optimism narrows when contract concentration is examined. The top five options by open interest are all call contracts expiring Feb. 6, clustered between $1.70 and $2.15 strikes.

The single largest position, the $1.70 call on Binance, held more than 42,000 contracts, while the $2.15 call followed closely with over 31,000. This tight clustering hints that traders are targeting modest upside rather than aggressive breakouts. Short-term options volume reinforces that theme.

Over the past 24 hours, the $1.70 call again led activity, logging the highest contract volume, while the most active put sat lower at the $1.55 strike. Calls represented roughly 78% of options volume during the period, indicating traders remain tilted bullish—but not recklessly so.

Futures markets, however, appear less convinced. Exchange-level open interest data shows broad declines across major venues over the past day. Binance, CME, OKX, Bybit, Kucoin, Gate, and Bitget all recorded 24-hour open interest drops ranging from about 4% to nearly 9%, pointing to de-risking rather than fresh leverage piling in.

CME remains the largest holder of XRP futures exposure, with nearly $594 million in open interest, followed by Binance at roughly $443 million. Yet even CME saw open interest slip by just over 2% in the last 24 hours, suggesting institutional traders are trimming exposure rather than adding aggressively at current levels.

Zooming out, long-term open interest trends show that XRP derivatives activity peaked in mid-2025 before entering a steady contraction. Aggregate open interest across all exchanges has slid toward the lower end of its recent range, mirroring XRP’s inability to reclaim prior highs above $3. This contraction implies leverage is being unwound faster than it is being rebuilt.

Leverage metrics tell a similar story. Binance’s estimated leverage ratio for XRP has fallen sharply since late 2025, dropping from elevated levels near 0.40 toward the 0.18–0.20 zone. Historically, such declines signal traders are stepping back from high-risk positioning rather than gearing up for momentum plays.

Also read: XRP and Ether ETFs Lead Inflows as Bitcoin Sees $272 Million Exit

Order-flow data adds another layer of caution. The taker buy-sell ratio according to cryptoquant.com stats across all exchanges has hovered below 1.0 for much of the recent period, with the latest reading near 0.96. That imbalance suggests sell-side aggression has slightly outweighed buy-side pressure, even as price holds range support.

Put together, XRP’s derivatives markets appear to be sending mixed signals. Options traders are still leaning bullish, but futures participants are reducing exposure, leverage is cooling, and taker flow lacks decisive buying strength. The result is a market that looks positioned for patience, not fireworks.

Until open interest stabilizes and leverage begins to rebuild alongside stronger taker demand, XRP may remain confined to range-bound trading rather than staging a decisive directional move.

FAQ ❓

• What does XRP’s options data show right now?
  Call contracts dominate open interest and volume on Binance, suggesting traders still expect potential upside.
• Why is XRP futures open interest falling?
  Traders appear to be reducing risk and closing positions rather than adding fresh leverage.
• What does the leverage ratio indicate?
  Lower leverage ratios suggest less speculative positioning and a more cautious market stance.
• Is XRP positioned for a breakout?
  Current derivatives data points more toward consolidation than an imminent breakout.

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