Although XRP price could not find a clear direction in May, investor bullish expectations in the options market reached a peak.
According to data from Deribit, the world's largest cryptocurrency options exchange, a significant increase in open positions for XRP is being observed. Open positions concentrated particularly at price levels above $2.60 and $3 indicate that investors clearly expect XRP to experience a strong rise. Currently, XRP's spot market price is around $2.16.
Deribit CEO Luuk Strijers stated in an interview with CoinDesk that investors are heavily leaning towards bullish options, emphasizing that the $4 call option is the most popular choice. At this level, there are a total of $5.39 million in open positions. Additionally, there are open positions exceeding $5 million at each price target of $3 and $3.10.
XRP's open options positions are also distributed between June and September futures. The total monthly trading volume ranges between $65-70 million, with more than 95% of these transactions occurring on Deribit.
Despite the uncertainty in XRP's price, strong bullish positions in the options market indicate that the market is focused on a bullish movement in the medium term. The underlying factors for these expectations include Ripple's growing role in cross-border payments and fundamental developments such as a potential XRP ETF approval in the US.
Ripple's statements regarding addressing inefficiencies in SWIFT-based payments also support long-term optimism. The expectation that corporate payments will reach $50 trillion by 2031 is increasing XRP's market value and investor interest.
Stay tuned for new developments.
