XRP Options Surge Amid ETF Speculation: $2M Bet on $1.10 Call!

In Brief:

Traders have invested over $2 million in XRP's $1.10 call option on Deribit, indicating bullish sentiment possibly linked to ETF speculation.

The surge in open interest reflects optimism about a potential XRP ETF, though some traders remain skeptical about reaching the $1.10 target by August 28.

‍

XRP Options Market Sees $2M Surge Amid ETF Speculation

‍

Traders have locked in over $2 million in XRP's $1.10 call option listed on Deribit, marking the highest open interest across all available maturities.

‍

‍

This surge in activity is attributed to optimism around a potential XRP ETF, as traders bet on prices doubling by the end of the month.

‍

The open interest for this call option has grown significantly, reflecting a net long positioning in the nascent options market.

‍

ETF Hopes and Market Reactions

‍

Griffin Ardern from BloFin suggests that the increased demand for the $1.10 call option reflects bullish sentiment, possibly driven by expectations of an XRP ETF application in the U.S.

‍

Ripple's recent court victory against the SEC has fueled these hopes, with the regulator having approved Bitcoin and Ether ETFs earlier this year.

‍

‍

However, some traders, like Martin Cheung from Pulsar Trading Capital, express skepticism about XRP reaching $1.10 by August 28, despite the ETF speculation.