I see two sinewaves... A 'single phase' should display a single sinewave.
Is this actually measuring two AC voltages what are 180° out of phase ?
That phrase "two hots" is sorta redundant. In measuring any voltage AC or DC both conductors of the measured source are energised if one views it that way.
Now if you meant to write "two hots measured to a central point", (aka, neutral) ? What would require at least 3 connections to the measuring instrument.
If referenced to the (max) negative value instead of the center tap it would graph as a single sine wave with twice the positive amplitude. You are confusing two phase with center tap reference. Easy to do (and theoretically no different if limited reference frame) with center tap and 180 deg.
A 240v single phase motor uses two wires (two "hots" in ref to gnd) just as a 120 single phase uses two wires (hot and "neutral"). Both are single phase referenced to one of the wires; Peak to peak voltage, 60 Hz.
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