XRP Options Trading Surges 348% Ahead of US Vote... "Outperformed Bitcoin and Ethereum"

▲ XRP, Bitcoin (BTC), Ethereum (ETH), US Congress, Cryptocurrency Regulation/AI Generated Image

XRP options trading volume surged by 348% in 24 hours, overwhelmingly surpassing the growth rates of Bitcoin (BTC) and Ethereum (ETH).

According to Coingape on September 15 (local time), XRP options trading volume increased by 348% to $14.55 million. The total derivatives trading volume also rose by 97.18% to $5.52 billion. Open interest increased by 4.65% to $3.12 billion. Options open interest grew by 7.93% to $98.59 million. Positions in the derivatives market rapidly expanded ahead of the Senate cloture vote on the U.S. cryptocurrency market structure bill.

Liquidation volumes also increased. In the past 24 hours, XRP liquidations amounted to $13.77 million. Of this, short position liquidations accounted for $7.85 million, and long position liquidations accounted for $5.92 million. Coingape interpreted the larger volume of short position liquidations as a sign of bearish positions being closed out during XRP's upward movement.

While Bitcoin and Ethereum options trading also increased, their growth rates fell significantly short of XRP's. Bitcoin options trading volume increased by 67.54% to $3.36 billion, and options open interest rose by 1.72% to $39.56 billion. Ethereum options trading volume increased by 13.08% to $1.3 billion, and options open interest grew by 3.78% to $7.32 billion. XRP's 348% increase significantly outpaced both assets.

Market attention was focused on the cloture vote for the U.S. cryptocurrency market structure bill, scheduled for 2:15 PM ET that day. As Republicans hold 53 seats in the Senate, at least seven Democratic senators' votes are needed for the bill to pass. U.S. Senator Cynthia Lummis emphasized that more than 100 amendments requested by Democrats were reflected, stating, "It's now or never" for the bill's passage. U.S. President Donald Trump also agreed to ethics regulations targeting elected officials and their spouses.

Coingape reported that the bill could provide regulatory clarity by classifying XRP traded in the secondary market as a commodity. This applies regardless of Ripple's XRP holdings. However, passing the cloture vote is merely a procedural step to move the bill to the next stage of discussion and does not guarantee final passage of the bill.

[Article Summary]

-XRP options trading volume increased by 348% to $14.55 million in 24 hours.

-XRP derivatives trading volume expanded by 97.18% to $5.52 billion, with open interest at $3.12 billion.

-At least seven additional Democratic senators' votes are needed for the cloture vote on the U.S. cryptocurrency market structure bill.

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