Options Traders Are Waiting for This Date for $1 in XRP!
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The XRP options market on Deribit is witnessing increasing activity. Accordingly, the $1.10 XRP call option on Deribit has seen a huge increase.
Last week, Ripple achieved a major victory against the SEC, sending the XRP price soaring. This increase was not limited to price alone, but also saw a huge increase in both trading volume and call options.
According to Coindesk, the XRP options market on Deribit is witnessing increased activity. Accordingly, the $1.10 XRP call option on Deribit saw a major increase.
The $1.10 call option for XRP, expiring on August 28, currently has open interest of 4,347,000 contracts with a total value of $2.44 million, according to Amberdata data.
These figures make the $1.10 option the most popular XRP option on Deribit, while Blofin Head of Research and Options Griffin Ardern evaluated the increase in XRP options.
According to Griffin Ardern, the surge in call options at $1.10 suggests that investors are bullish on XRP.
Ardern stated that this increase could also be due to the increased expectation for XRP ETFs after the SEC victory, and said:
“Looking at the gamma distribution, $1.10 looks like a net long position expiring on August 30.
If the $0.75 resistance level from the past two weeks can be broken, the price of XRP is likely to rally above $1.10.
Perhaps institutions will apply for an XRP ETF in the US, which could be a major factor in the sharp increase in prices.”
Probability of a Short-Term Rise in XRP is Low!
Pulsar Trading Capital options trader Martin Cheung is not as bullish as Griffin Ardern.
At this point, Martin Cheung said that he is skeptical whether the XRP price can rise above $1.10 by August 28.
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