30s Summary

Bullish activity on the XRP options market on Deribit suggests increased belief in a price rise above 90 cents. The 90 cents call option is the most popular option, with contracts valued at $3.6 million set to expire on November 29. Additionally, strong open interest in call options at $1.00 and $1.10, expiring on December 27, suggest optimism for a continued rally. XRP’s current price hovers around 65 cents, a crucial resistance point since October 2023.

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The XRP options market on Deribit is seeing a lot of bullish action. XRP is trading near a long-term supply zone.

Traders are showing increasing bullishness on XRP’s new options market listed on Deribit. As of now, the most popular choice is the 90 cents call option, with over 5.6 million contracts, valued at $3.6 million, active or open, data from Amberdata shows. Most of this so-called “open interest” is set to expire on Nov. 29.

A 90 cents call is essentially a bet that the price will rise above 90 cents. When you buy a call option, you’re buying the option (but not the obligation) to purchase a particular asset at a specific price at some point in the future. So, the people buying these options are generally pretty bullish about where things are going.

There’s also quite a bit of open interest in call options at strikes $1.00 and $1.10, which are set to expire on Dec. 27, suggesting that traders are expecting the rally to continue right up through the end of the year.

Right now, XRP is hovering around 65 cents, a critical price point that’s seen fairly strong selling pressures since way back in October 2023. If we do break through that resistance this time around, the build-up of energy during this consolidation phase could explode, possibly triggering a swift rise toward 90 cents-$1.00.