XRP’s 90 Cents Calls Dominate Options Markets as Prices Hover Near 65 Cents: Godbole

As a seasoned researcher who has closely observed the cryptocurrency market for years, I must admit that the bullish positioning on Deribit’s nascent XRP options market is intriguing. The popularity of the 90 cents call option and the substantial open interest in the Nov. 29 expiry suggest a strong belief among traders that XRP prices will surge.

XRP’s nascent options market listed on Deribit shows growing bullish sentiment among traders.

Currently, the 90 cents call option is the most frequently traded, boasting over 5.6 million active contracts worth approximately $3.6 million, as reported by data provider Amberdata. The majority of these contracts are set to expire on November 29th.

A 90 cents call signifies a wager predicting prices will climb above that point. With a call option, the owner acquires the privilege, not the compulsion, to buy the underlying asset at a specified price in the future. A person who buys a call is essentially optimistic about the market’s direction.

Furthermore, there’s significant activity in buy calls for expiration dates on December 27, particularly at strike prices of $1.00 and $1.10. This suggests that investors anticipate the market rally will persist through the end of the year.

Currently, XRP is trading near 65 cents – an important level that has withstood selling pressure since October 2023. If this resistance breaks, the accumulated energy from this long consolidation phase could be released suddenly, possibly causing a quick increase in value, reaching up to 90 cents to $1.00.