On August 19, 2025, a significant block trade involving one million contracts of a $4 XRP call option expiring on December 26 was executed. This occurred despite a decline in XRP prices, indicating a strategic move by an investor likely employing a covered call strategy. Market data revealed that the $4 strike call options had seen robust trading activity, despite the underlying asset's price dip, which briefly fell to $2.94. Observers suggest that large orders like this typically involve selling higher strike options against existing holdings to generate yield from premiums received. Such strategies have gained traction among cryptocurrency investors, particularly among Bitcoin holders. Despite the substantial volume of the trade, it may not reflect bullish sentiment for XRP's price as the outlook remains cautious amid declining volatility and market struggles.

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