“XRP is used by ripple labs to Power It Cross-Border Payments Platform.”, – WRITE: www.coindesk.com
The Payments-Focused Cryptocurrency Formed a “Doji” with A Long up Upper Shadow in May, A Classic Sign of Indecision in the Market, Accounting To Charting Platform TradingView.
The Long Upper Wick Suggests that Bulls Pushed Prices Higher to $ 2.65, But Bears Stepped in and Rejetted Those Levels, Driving Prices Down to Near The Level Seen.
Xrp’s Monthly Candlesticks Chart. (TradingView)
The APEANCE OF THE DOJI SUGGEESTS The RECOVY Rally from the Early April Lows Near $ 1.60 Has Likely Run Out of Steam. Doji Candles Appearing After Uptrends of the Offer Technical Analysts to Call for Bull Exhaustion and A Potential Turn Lower.
Accordingly, Last Week, Some Traders Purchased the $ 2.40 Strike Put Option Expiring on May 30. A PUT OPTION OFFERS OFFERS INSURANCE AGAINST PRICE DROPS.
Bullish Options Open InterestThe Overall Picture Remains Bullish, with Options Open Interest Concentrated in Higher-Strike Calls in A Sign of Persent Positive Sentimnt. Open Interest Refers to the Number of Active Contracts at A Given Time. A Call Option Gives The Purchaser An Asymmetric Upside Exposure to the Underlying Asset, In this Case, XRP, Representing A Bullish Bet.
“Xrp Open Interest on Deribit Is Steadily Increase, with The Highest Concentration of Strikes Clustered on the Upside Between $ 2.60 and $ 3.0+, Reflecting a Notable Bullish. AT $ 2.16, “Luuk StriJers, CEO OF DERIBIT, Told Coindesk.
XRP’s Options Open Interest. (Deribit)
The Chart Shows that $ 4 Call Option Is The MOST POPULAR, with A Nocial Open Interest of $ 5.39 Million. Calls at the $ 3 and $ 3.10 Strikes have an Open Interest (Oi) of Over $ 5 Million Each. Nocial Open Interest Refers to the Dollar Value of the Number of Active Contracts.
“XRP Option Open Interest is Split Across June and September Expiries, with MONTHLY Nocial Volumes Approximating $ 65– $ 70 Million, of Wich Over 95% IS Traded on Deribit,”
The Bullish Mood Likely Stems from Xrp’s Positioning As a Cross-Border Payments Solution and Mounting Expectations Asset.
Ripple, WHICH USES XRP TO FACILITATE Cross-Border Transactions, Recently Highlightd Its Potential To Address Invfficies In Swift-Based Cross-Border Payments. The B2B Cross-Border Payments Market is Projected to Increase to $ 50 Trillion by 2031, up 58% from $ 31.6 Trillion in 2024.
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