XRP $1.10 Call Option Sees A Huge Surge; Are XRP ETF Speculations Driving It?
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Deribit’s nascent options market for XRP is witnessing a surge in activity, particularly in the $1.10 call option that represents a bet that prices for XRP will double by the month’s end. 

As of writing, XRP’s $1.10 call option, set to expire on August 28, had an open interest of 4,347,000 contracts valued at $2.44 million, making it the most favored among all available XRP options on the exchange.

The amount is significant for an options market that is barely five months old. The number of active bets has increased by 838,000 contracts in the five months alone.

Can XRP Rise Above $1.10 By August?

According to Griffin Ardern, head of options trading and research at BloFin, the increased activity in the $1.10 call likely reflects a net long positioning.

He said that if the resistance level of $0.75 from the past two weeks can be broken, the price of XRP is likely to rise above $1.10. He also added that institutions will likely apply for an XRP ETF in the U.S. which may be an important factor driving a sharp rise in prices.

But, Martin Cheung, Pulsar Trading Capital’s options trader was doubtful on whether prices could rally beyond $1.10 by August 28. When he was asked about the increased demand for $1.10 XRP call options, he said “XRP has rallied a lot this year, plus, I think people are betting the next ETFs to be approved will be on XRP and SOL,” 

However, he also added that the August end is too close and a potential XRP ETF announcement might drive prices higher by 20%, but $1.10 looks too far. 

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