Quick Take
  • At the time of writing, XRP trades at $2.40 and SOL at $191, both outperforming their larger counterparts, with Bitcoin near $108,647 and Ether around $3,988.
  • The shift in mood is showing up in the 25-delta risk reversal, a popular measure of the options market’s bias.
  • It compares how much traders are willing to pay for call options (bullish bets) versus put options (bearish protection).
  • A positive reading means traders are paying more for calls — a clear sign of optimism.

What Happened

A positive reading means traders are paying more for calls — a clear sign of optimism.

A negative reading reflects demand for puts — a sign of caution.

BTC and ETH Lag Behind

Market Context

XRP and Solana (SOL) are showing early signs of capital rotation as options traders increasingly bet on a rebound in select altcoins while Bitcoin (BTC) and Ethereum (ETH) consolidate. At the time of writing, XRP trades at $2.40 and SOL at $191, both outperforming their larger counterparts, with Bitcoin near $108,647 and Ether around $3,988.

Options Market Turns Bullish

The shift in mood is showing up in the 25-delta risk reversal, a popular measure of the options market’s bias. It compares how much traders are willing to pay for call options (bullish bets) versus put options (bearish protection).

According to data from Amberdata, XRP and SOL risk reversals have turned positive across all Deribit expires, October 31, November 28, and December 26, suggesting traders expect higher prices into year-end.

The renewed interest in XRP and SOL has picked up since that nasty market crash on October 10, when over $20 billion got washed out of the system through leveraged futures positions being automatically sold.

XRP had plummeted from a fairly decent $2.80 down to a very rough $1.77, and SOL dropped a similar amount from $220 all the way down to $188. And the good news is that in the aftermath of all that volatility, options traders started moving exposure back into those two altcoins again.

Market Shift Toward Altcoins

It looks like market players are positioning themselves to move their money out of the two big guys, BTC and ETH, and over into some of those more volatile mid-cap assets. And Deribit’s open interest numbers show that traders are getting all bullish on XRP and SOL.

But analysts are warning that we can’t always rely on options sentiment to tell us what’s going to happen with smaller assets like XRP and SOL, the liquidity just isn’t there. The open interest is much lower than what we see in Bitcoin’s multibillion-dollar options market.

On the other hand, Bitcoin’s persistent bearishness, or rather, its persistent put bias, may not necessarily signal true bearish sentiment. For all we know, long-term holders are simply selling higher-strike calls to generate extra yield on their spot positions, rather than actively betting against the market.

This distinction matters because it suggests that while Bitcoin traders are cautious, the capital rotation into altcoins like XRP and SOL might be driven more by tactical positioning than by broad-based fear — a subtle but important shift in market tone.

From a technical perspective, XRP price prediction is slightly bearish as it’s trading in a consolidation pattern following its sharp correction earlier this month. The daily chart shows a symmetrical triangle breakdown, with resistance around $2.72 and support near $2.26. The 50-day EMA continues to trend below the 200-day EMA, reinforcing short-term weakness.

Why It Matters

But Bitcoin’s still got a negative risk reversal across every single one of its expiries through September 2026 – that’s just a sign of traders being, deep down, a bit nervous about the future. Ethereum’s outlook is more of a mixed bag – its risk reversals are bearish all the way to December, but then they suddenly swing towards being slightly bullish come 2026.

Positive risk reversals reflect bullish expectations heading into the final quarter of the year.

Despite that, the fact that the majority of traders are leaning bullish is a positive sign that these altcoins might bounce back faster once confidence returns.

XRP Technical Outlook: Consolidation Phase

Details

Options Data Points to Altcoin Rotation

Demand for calls on both XRP and SOL is rising.

BTC and ETH traders remain largely unmoved, showing neutral sentiment.

Why Analysts Urge Caution

Understanding Bitcoin’s “Put Bias”