XRP 1-month implied vol collapsed to 49.2. record low. at the same time you have EverNorth filing to list 473M XRP ($656m) as a NASDAQ treasury vehicle under $XRPN, RLUSD crossing $1B supply in under 12 months, and CLARITY Act markup approaching Senate Banking Committee. ETF flows went from $82m in april to exactly $0 on may 1st. institutions front-ran the vegas conference then stepped away. vol is priced for nothing happening. the next 60 days have 3 binary catalysts stacked on top of each other. cheapest XRP optionality window in 2 years heading into the most catalyst-dense period on record.