XRP Soars Past Bitcoin, ETH in Derivatives Trading Ahead of CLARITY Act Vote

Ripple's XRP has become the clear leader in derivatives trading as traders position for today's Senate vote on the CLARITY Act. The surge in options volume, up nearly 350% in 24 hours, surpasses growth in Bitcoin and Ethereum options.

The critical XRP derivatives market saw aggressive positioning with a trading volume rise of 97.18% to $5.52 billion, while open interest increased by 4.65% to $3.12 billion, according to CoinGlass. This indicates that more contracts are being transacted and traders are taking on more exposure.

XRP options open interest rose by 7.93% to $98.59 million, highlighting the growing trend of traders creating exposure in options due to CLARITY Act hype. Liquidation data also supports a bullish reading with XRP liquidations hitting $13.77 million in the past day, mainly driven by short liquidations.

XRP is leading Bitcoin and Ethereum in options activity, with a gain of 348% to $14.55 million at press time. Bitcoin's options volume soared by 67.54% to $3.36 billion, while Ethereum saw a 13.08% surge in options volume to $1.30 billion.