š¹ XRP has surged over 3.5% in the past 24 hours, while the options market shows strong bullish sentiment ā with $3 strike call options dominating trading volumes.
š¹ Rising trade activity and a technical breakout in the XRP/BTC pair suggest investor confidence is growing rapidly.
Millions Flow Into XRP $3 Call Options
Since July 1, Deribit's options market has seen massive interest in July 25 call options at $3 and $4, as well as in September 28 calls at a $2.80 strike. According to Amberdata, the $3 strike call alone has recorded more than 2 million contracts in investor buy trades.
š Call options give the right to buy an asset (in this case, XRP) at a predetermined price before expiry ā essentially a bullish bet on the asset.
A buyer of a $3 call option is betting that XRP will exceed that price before July 25.
Optimism Fueled by Anticipated XRP Spot ETF
The surge in bullish activity comes amid growing expectations for the approval of a U.S.-based XRP spot ETF. Bloomberg analysts Eric Balchunas and James Seyffart now estimate the approval likelihood at 95%, signaling near certainty.
Additionally, Ripple has applied for a national banking license in the U.S., aiming for dual state and federal oversight. CEO Brad Garlinghouse called it a ānew benchmark of trust in the stablecoin sector.ā
XRP/BTC Breaks Out of Falling Wedge ā A New Bullish Phase Begins?
The XRP/BTC trading pair on Binance has broken out of a falling wedge, a bullish reversal pattern indicating the end of downward momentum and the start of a potential rally.
š This breakout confirms that the correction from April highs has ended and a new uptrend is beginning.
While moving averages such as the 50-day, 100-day, and 200-day SMAs still suggest weakness ā with the 50 and 100 SMAs trending below the 200 ā these are lagging indicators. The confirmed wedge breakout takes precedence as a stronger bullish signal.
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