XRP's options trading volume jumped 348% to $14.55 million, outpacing both Bitcoin and Ethereum, as traders position ahead of the Senate's CLARITY Act cloture vote. The cloture vote is scheduled for 2:15 p.m. ET today, needing at least seven Democratic votes to pass.
Ripple's XRP has become the clear leader in the derivatives space as traders increasingly position for today's vote, with options activity accelerating faster than either Bitcoin or Ethereum.
XRP Derivatives Show Strong Bullish Momentum
XRP's trading volume rose 97.18% to $5.52 billion in the past 24 hours, while open interest increased 4.65% to $3.12 billion, according to CoinGlass. Rising volume means more contracts are changing hands, and rising open interest means traders are holding more positions open.
Options open interest for the token climbed 7.93% to $98.59 million, pointing to traders building exposure through options as anticipation around the CLARITY Act grows.
Liquidations also point to bullish positioning. XRP liquidations hit $13.77 million over 24 hours, split between $7.85 million in shorts and $5.92 million in longs. The larger short liquidations could indicate that traders betting against XRP were forced to cover as the asset rallied, likely pushing the price even higher.
XRP Options Activity Outpaces Bitcoin, Ethereum
XRP's options volume gain of 348% compares with a 67.54% rise in Bitcoin's options volume to $3.36 billion, while Bitcoin's options open interest rose 1.72% to $39.56 billion. Bitcoin's overall derivatives transactions climbed 66.92% to $69.83 billion, even as its open interest contracts fell 0.89% to $52.26 billion.
Ethereum, meanwhile, saw a 13.08% surge in options volume to $1.30 billion and a 3.78% jump in options open interest to $7.32 billion. Its overall volume grew 55.66% to $55.10 billion, while open interest rose a mere 0.15% to $32.90 billion.
CLARITY Act Senate Vote Gains Momentum
At least seven Democratic senators must back cloture, with Republicans controlling 53 Senate seats. A successful vote would open debate on the bill but would not guarantee its passage.
Democrats have won more than 100 changes to the bill, including protections for self-custody and retail-investor offices, Sen. Cynthia Lummis said. According to Sen. Cynthia Lummis: "it's now or never" for the CLARITY Act as urgency grows.
President Trump has agreed to ethics rules for elected officials and their spouses, though Senate Democrats are still working on their own counterproposal. Banking groups and New York state attorneys general have already voiced opposition to the legislation. For XRP, the CLARITY Act would offer regulatory clarity on its commodity status in secondary markets regardless of the amount of XRP that Ripple holds.
Source: CoinGape
Trading involves risk.
Risk Disclaimer
