XRP has emerged as the biggest target for short-term volatility bets in the options market among major cryptocurrencies. Coinbase Markets put XRP’s expected one-standard-deviation move through Sept. 27 at about 8.9 percent, above Solana, ethereum and bitcoin. Derivatives data showed heavy trading, rising open interest and short liquidations, while positioning tilted toward longs. Fund flows were mixed, with 24-hour inflows and outflows roughly balanced but seven-day net flows negative.

Crypto trader Crypto Michael said he is still holding an XRP long position entered last month as of Sept. 19. The Crypto Basic reported he posted a screen showing a 20-times leveraged XRP/USDT perpetual futures position. The screen showed an entry price of $0.9918, a mark price of $1.4036 and a return of 830.51 percent. The article noted the return reflects leverage and implied an underlying gain of about 41.5 percent.