A trader bought 2 million XRP options for a long straddle (calls and puts bought together) at the $1.16 strike, paying roughly $62,000 in premium for contracts worth $2.32 million. The position expires on August 28, with Deribit data showing a spike in open interest and buying activity at the strike. The trade was opened as XRP surged nearly 15% to $1.34 before settling around $1.26, and it reflects a move away from earlier-quarter short straddles that sought to profit from a range-bound market.