A trader placed a long straddle on XRP with 2 million contracts at the $1.16 strike, spending roughly $62,000 in premium, expiring August 28, as the cryptocurrency posted a sharp single‑day gain.

A long straddle profits when the underlying price moves far from the strike, either up or down, before expiration. The position was recorded by derivatives analytics firm Laevitas and executed on the Deribit exchange, where open interest and trading volume surged at that strike.

XRP rose about 15% to $1.34 on Thursday, later stabilizing near $1.26. The trade represents a shift from earlier in the quarter when market participants favored short straddles to collect premium in a range‑bound market.

With eight days remaining until expiration, the profitability of the straddle will depend on how far XRP’s price moves before August 28.