XRP is among the top cryptocurrencies expected to experience heightened price volatility as markets brace for the upcoming U.S. nonfarm payrolls report, a key factor that may influence future interest rate decisions by the Federal Reserve.

Current implied volatility data suggest moderate market swings across major digital assets, with XRP projected to move up to 4% over the next 24 hours. This projection is drawn from Volmex’s volatility indexes, which also forecast 2.29% movement for bitcoin (BTC), 3.7% for ether (ETH), and a 4.86% swing for Solana (SOL).

Market experts caution that a stronger-than-anticipated jobs update could reduce the probability of imminent rate reductions, potentially pressuring risk-on assets like cryptocurrency.

Derivatives Data Signals Reduced Confidence

Investor sentiment in derivatives markets offers additional clues. On major exchanges, ether’s (ETH) open interest in perpetual contracts denominated in USDT and USD has dropped to a four-week low of 1.93 million ETH. This reduction raises concerns about the sustainability of ETH’s 18% rally seen over the same period.

Open interest fell across most top ten digital tokens excluding LINK and BTC. Solana saw a notable dip, with open interest in perpetual contracts slipping below 11 million SOL—highlighting potential erosion in its recent strengthening trend.

At the Chicago Mercantile Exchange (CME), bitcoin futures remain relatively underwhelming. However, option markets tell a different story. BTC open interest surged to 47,230 BTC, the highest since April, while the value of that interest rose to $5.21 billion—the peak since November. This uptick includes increased activity in low-cost out-of-the-money put options, suggesting traders are bracing for potential economic shocks from the jobs report.

Following similar patterns seen abroad, ether futures open interest on the CME has declined to below 2 million ETH. Meanwhile, its three-month annualized premium has jumped from 5% to 7%, reflecting increased cost in carrying long positions.

Furthermore, on derivatives platform Deribit, put options for bitcoin continue to outprice corresponding calls across expiration periods—indicative of market caution. The seven-day volatility risk premium has nearly flattened to zero, signaling a convergence between expected and actual market fluctuations. In essence, traders are not anticipating major price swings unless triggered by surprise macro data.

Put options for ether, specifically those expiring in late November, are also trading at premiums when compared to calls, underlining widespread downside vulnerability. Over-the-counter trading firm Paradigm highlighted mixed block trade flows, such as activity surrounding a BTC $116K call and an ETH $4K put.

XRP and Memecoin Market Dynamics

Besides the core cryptocurrencies, the memecoin market continues to show surprising shifts. Earlier this year saw fading momentum in tokens like TRUMP and MELANIA, each plummeting by 88% and 95% respectively, despite initial fanfare and promotional boosts from high-profile figures.

Now, a new entrant has renewed speculative interest: MemeCore, a layer-1 blockchain that aims to transition memecoins into functional DeFi assets. Its native token “M” climbed 261% in value over the last week, despite broader market softness. The project’s MemeX liquidity festival, which offers $5.7 million in incentives, has stimulated over 85% of its trading on decentralized exchange PancakeSwap, suggesting robust retail participation.

While skeptical voices label MemeCore another fleeting trend, the platform’s rapid rise reflects the volatile—and often sudden—sentiment swings that characterize the memecoin ecosystem. It also echoes back to Solana-based Pump.fun, whose daily revenue has dramatically decreased from $15.8 million in January to between $1.5 and $2.5 million this week.

Related: XRP Price: $12M Max Pain for Bears

XRP’s price volatility is projected to hit 4% as the crypto market awaits U.S. jobs data.