XRP Nears Key Resistance as Bullish Sentiment Grows in Options Markets
XRP is approaching a critical supply zone that has capped its price gains for over a year, even as bullish sentiment intensifies in its nascent options market on Deribit.
Growing Popularity of 90-Cent Call Options
Data from Amberdata shows the 90-cent call option is currently the most actively traded, with over 5.6 million contracts worth $3.6 million in open interest. The majority of these contracts are set to expire on November 29, reflecting traders’ optimism about a potential price rally in the near term.
A 90-cent call option represents a wager that XRP’s price will exceed that level before the option’s expiration date. Call options grant the holder the right, but not the obligation, to purchase the underlying asset at a predetermined price, signaling bullish market expectations.
Year-End Optimism for XRP Prices
The bullish sentiment extends beyond November, with significant open interest also noted in $1.00 and $1.10 call options expiring on December 27. This suggests traders are anticipating a sustained rally into the year’s end.
Key Resistance at 65 Cents
XRP is currently trading near 65 cents, a level that has consistently attracted strong selling pressure since October 2023. However, if the resistance is breached this time, the months of consolidation could lead to an explosive move higher, potentially driving prices toward 90 cents or even $1.00.
The growing activity in XRP’s options market reflects rising confidence among traders that the cryptocurrency may soon break free from its long-standing range-bound pattern. As the expiry dates approach, all eyes will be on XRP’s ability to overcome this critical hurdle.
