November 14, 2024

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

by coindesk com01

“XRP trades close to a major supply zone that has consistently capped upside for over a year.”, — write: www.coindesk.com

  • Deribit’s nascent XRP options market shows bullish positioning.
  • XRP trades close to a prolonged supply zone.
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    • XRP’s nascent options market listed on Deribit shows growing bullish sentiment among traders.

    At press time, the 90 cents call option was the most popular, with over 5.6 million contracts worth $3.6 million active or open, according to data source Amberdata. Most of the so-called open interest was concentrated in the Nov. 29 expiry.

    A 90 cents call represents a bet that prices would rise above that level. A call option gives the holder the right but not the obligation to purchase the underlying asset at a pre-decided price at a later date. A call buyer is implicitly bullish on the market.

    XRP options: distribution of open interest. (Deribit, Amberdata)XRP options: distribution of open interest. (Deribit, Amberdata) (Deribit, Amberdata)
    Additionally, a notable open interest is seen in call options at strikes $1.00 and $1.10 expiring on Dec. 27, a sign the rally is expected to continue well into the year-end.

    As of this writing, XRP traded close to 65 cents – a critical level above which selling pressure has remained robust since October 2023. Should the resistance give away this time, the months of pent-up energy accumulated during this consolidation phase could be unleashed, potentially yielding a rapid rise toward 90 cents-$1.00.

    XRP is closing on a major supply zone that has consistently capped upside for over a year. (TradingView/CoinDesk)XRP is closing on a major supply zone that has consistently capped upside for over a year. (TradingView/CoinDesk) (TradingView/CoinDesk)

    Edited by Parikshit Mishra.

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    Omkar Godbole
    coindesk com

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