XRP derivatives markets are lighting up on Thursday, January 22, with options volume soaring amid broader speculative positioning across crypto markets. 

According to real-time derivatives data available on CoinGlass at the time of writing, XRP options volume has climbed 213% in a day, to $9.53 million, marking one of the largest recent short-term spikes. 

While options trading has gone up, options open interest also rose a modest 11%, to $73.39 million, suggesting that much of the activity was concentrated in short-dated contracts. 

As such, this pattern could be a sign of tactical positioning ahead of potential market catalysts rather than long-term directional conviction.

At the time of writing, XRP itself was trading at $1.92, down 0.4% on the day following a short 4% morning rally that brought it close to a breakout, with two critical resistance zones at $1.97 and $2.

XRP activity goes up

Futures markets also recorded elevated activity. For instance, XRP derivatives volume reached $6.19 billion, having gone up 21%, while open interest edged higher by 1.68%, to $3.38 billion, indicating increased turnover without a sharp leverage buildup.

It is also notable, however, that positioning data showed a clear long bias across major exchanges, particularly Binance. Still, the global long-short ratio remained near neutral, implying the market is split between bullish traders and cautious hedgers.

For now, traders are closely monitoring spot price levels to determine whether the surge in derivatives activity will resolve into renewed upside momentum or further consolidation. As the token has been quite volatile this month, either direction appears equally as likely.

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