The XRP used by Ripple to facilitate cross-border transactions may end with signs of indifference. Nevertheless, the major crypto option exchange, activity on the deribit, suggests that the bulls are not yet ready to return.
According to the charting platform tradingview, the payment-centenary cryptocurrency formed a “doji” with a long upper shade in May.
The long upper wick suggests that the bulls raised prices to $ 2.65, but the beer stepped and rejected the levels, taking down the prices near the level seen at the beginning of the month.
The presence of Doji suggests that the possibility of a recovery rally near $ 1.60 from the beginning of April is out of steam. The dosy candles that appear after the uptrend often motivate technical analysts to call for bull tiredness and possible turns.
Accordingly, last week, some traders abolished the $ 2.40 strike put option on 30 May. A put option provides insurance against the price drop.
Bulish option open interest
The overall photo remains rapidly, with options constantly open interest centered in high-stroke calls in a sign of positive feeling. Open interest refers to the number of active contracts in a certain time. A call option gives the buyer an asymmetric upside exposure to the underlying assets, in this case, XRP, represents a rapid bet.
“Open interest on the XRP is steadily increasing, with the highest concentration of the upside -down strike between $ 2.60 and $ 3.0+, reflects a particularly rapid feeling, while the spot value currently trades at $ 2.16,” Louk Strawers, CEO of Deribit, CEO, Kindsk told, told by Coindsk.
The chart suggests that the $ 4 call option is the most popular, with an open interest of $ 5.39 million. Calls on $ 3 and $ 3.10 strikes have an open interest of more than $ 5 million each. The note -open interest refers to the dollar value of the number of active contracts.
“XRP option open interest is divided into expiry of June and September, with monthly a 65-$ 70 million monthly volume, with more than 95% trading,” striers said.
Bullish mood probability stems as a cross -paying solution from the position of the XRP and the increasing expectations of a spot XRP ETF listing in the US in the US. In addition, Cryptocurrency is receiving traction as a corporate treasury property.
Ripple, which uses XRP to facilitate cross-border transactions, highlighted its ability to address disabilities in recently swift-based border payments. The B2B cross-border payment market is estimated to increase to $ 50 trillion by 2031, up to $ 31.6 trillion to 58% in 2024.
