XRP, the cryptocurrency centered on payments, has experienced a notable increase of over 3.5% in the last 24 hours, signaling a wave of bullish sentiment among investors. Recent trading activities in the Deribit options market indicate growing confidence, particularly in higher-level call options set to expire later this year.
Since July 1, significant trading has been observed for July 25 call options with strike prices at $3.00 and $4.00, as well as a September 28 expiry call at the $2.80 strike. Data from Amberdata highlights that the $3 strike call has attracted major trading volume, primarily driven by buy trades. This indicates that investors are betting on XRP’s spot price surpassing $3 by the end of July.
Interestingly, the growing interest in these higher strike calls is fueled by bolstered expectations surrounding the potential approval of a spot XRP ETF in the U.S. Bloomberg analysts estimate a 95% probability that the SEC will approve such a product, heightening market optimism.
In addition to the options activity, Ripple, the fintech company behind XRP, has signaled its intent to strengthen its regulatory standing by applying for a national banking license with the Office of the Comptroller of the Currency (OCC). Ripple’s CEO, Brad Garlinghouse, emphasized that this move, if sanctioned, would establish a new standard for trust in the stablecoin market.
Moreover, the XRP/BTC trading pair has shown positive momentum, breaking out of a falling wedge pattern—a bullish reversal formation that suggests shifting market dynamics. Although traditional moving averages may present a conflicting view, the wedge breakout indicates an optimistic trend ahead for XRP.
Overall, these developments showcase a combination of strategic trading movements, regulatory advancements, and market optimism, positioning XRP and Ripple for potential future growth.