What's Behind the Sudden Movement in Ripple: Institutional Data Peaked!

Data provided by Deribit, the world's largest cryptocurrency options exchange, revealed the possibility of volatility specific to Ripple.

Deribit data Ripple's $ 1.10 call option hosted an expectation that the value of the cryptocurrency will double by the end of the month.

At the time of writing, the open interest amount of this option, which will expire on August 28, reached 4,347,000 contracts, worth $ 2.44 million. This was recorded as the highest volume option among all current maturities.

According to data provided by Amberdata, this amount is quite significant for an options market with a history of only five months.

SEC lawsuit may be effective

It was noted that the increasing institutional interest in Ripple may be due to the end of the US Securities and Exchange Commission (SEC) lawsuit that has been ongoing for years.

The number of open interest in such options has increased by 838,000 contracts in the last five months alone. According to Griffin Ardern, head of options trading and research at BloFin, this increased interest in the $1.10 call option could indicate a net long position.

“If the $0.75 resistance level over the last two weeks can be overcome, XRP’s price is likely to rise above $1.10,” Ardern told CoinDesk in an interview, adding that a potential XRP ETF could be a major factor in this price increase.

XRP, which has gained 1% in the last 24 hours, is trading at $0.572 at the time of writing, according to CoinGecko data.

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