XRP Options Market Goes Wild: What Are the Most Traded Options Telling Investors?
Over the past day, the value of the payment-focused cryptocurrency XRP has increased by more than 3.5%. The amount of trades on Deribit’s options market also suggests that an increase is anticipated. According to data source Amberdata, the most traded options since July 1 have been higher-level July 25 call options at strikes of $3.00 and $4.00 and the Sept. 28 expiry call at the $2.80 strike.
Ripple’s CEO Confirms Banking License Application as XRP ETF Approval Looms
Following growing anticipation for a spot ETF debut in the US, there was a surge in activity in the higher strike calls. Analysts James Seyffart and Eric Balchunas of Bloomberg say there is currently a 95% chance that the U.S. SEC will approve a spot XRP ETF. On the other hand, fintech company Ripple, which uses XRP to enable international transactions, declared on Wednesday that it has submitted an application to the Office of the Comptroller of the Currency (OCC) for a national banking license.
If approved, we would have both state (via NYDFS) and federal oversight, a new (and unique!) benchmark for trust in the stablecoin market,
Ripple’s CEO, Brad Garlinghouse
XRP/BTC Breaks Out of Falling Wedge: Bullish Trend Restarted
The price of XRP in bitcoin, as indicated by the XRP/BTC pair displayed on Binance, may be on the rise after emerging from a falling wedge formation. Two converging trendlines that show a contracting range of price movement define the falling wedge, a bullish reversal pattern. Trendlines’ tendency to converge indicates that sellers are gradually losing ground.
XRP/BTC has surged above the top trendline, confirming the bullish breakthrough. According to the pattern, the larger XRP bullish trend has restarted, and the pullback from the April highs has concluded. The 50-, 100-, and 200-day SMAs, as well as popular averages, contradict the wedge breakout, which suggests that the path of least resistance is on the upward side.
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