$XRP is hot and it is probably setting up for another big rally. That's the message from the price chart and options market.

The payments-focused cryptocurrency is down 10% this week. The pullback, however, has taken the shape of a bull flag. This technical analysis pattern usually slopes in the opposite direction of the preceding sharp uptrend and, more often than not, recharges bulls' engines for further gains.

A bull flag is emerging on $XRP 's daily chart, signaling continued bull run ahead.

The $5 call option stands out on Deribit in terms of trading volume and open interest, suggesting a bullish sentiment.