XRP Overtakes Bitcoin, ETH As Options Activity Explodes 350% Ahead CLARITY Act Vote Today

Ripple’s XRP has become the clear leader in the derivatives space as traders are increasingly positioning for the Senate’s CLARITY Act cloture vote today. The XRP options volume has surged nearly 350% in the last 24 hours, outpacing the growth of Bitcoin and Ethereum options.

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XRP Derivatives Show Strong Bullish Momentum

The critical XRP derivatives market saw aggressive positioning. Trading volume rose 97.18% to $5.52 billion while the open interest increased by 4.65% to $3.12 billion, per CoinGlass. If the volume is increasing, it means that more contracts are being transacted and if the open interest is increasing, it means that traders are taking on more contracts.

The volume of XRP options open interest rose by 7.93% to $98.59 million. This is especially important as options volume is increasing, highlighting that traders are creating exposure in options as the CLARITY Act hype grows.

Liquidation data also backs up the bullish reading. XRP liquidations hit $13.77 million in the 24-hour timeframe. Out of this, $7.85 million were shorts and $5.92 million were longs it. The larger short liquidations could indicate that traders who had wagered against XRP were forced to cover their shorts as the asset rallied, likely pushing the price even higher.

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XRP Options Activity Outpaces Bitcoin, Ethereum

XRP is also leading Bitcoin and Ethereum when it comes to options activity with a gain of 348% to $14.55 million at press time. Options volume and open interest for Bitcoin soared by 67.54% to $3.36 billion and 1.72% to $39.56 billion, respectively. Overall derivatives transactions on Bitcoin rose 66.92% to $69.83 billion. On the other hand, as the volume of open interest contracts fell 0.89% to $52.26 billion.

Ethereum 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. The overall volume grew 55.66 per cent to $55.10 billion, while the open interest rose by a mere 0.15% to $32.90 billion.

The CLARITY Act Senate Vote Gains Momentum

The CLARITY Act cloture vote is scheduled for 2:15 p.m. ET today. At least seven Democratic Senators would have to vote for cloture, with the Republican Party controlling 53 seats in the Senate. The successful vote would pave the way to debate, but would not guarantee the passage of the bill.

Democrats have won more than 100 changes, including protections for self-custody and retail-investor offices, Sen. Cynthia Lummis said. She issued a stark warning by saying “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. However, Senate Democrats are still working on their own counterproposal proposal. Whilst, banking groups and New York state attorneys general have already voiced opposition to the legislation.

For XRP, the CLARITY Act offers regulatory clarity on its commodity status even in secondary markets regardless of the amount of XRP that Ripple holds.