Ripple Traders Bet Big on XRP Surging to $1.10
Crypto enthusiasts are betting big on XRP's price surge to $1.10. Despite the asset's stagnant price at $0.5684, a flood of traders is wagering it'll hit this target soon.
The broader crypto market is up 1%, while XRP has climbed 13.5% over the week and 7% monthly. However, its year-on-year performance lags behind at -10%. This mixed bag of results comes as Ripple, the company behind XRP, recently settled with the SEC for a mere $125 million.
But it's not just this settlement that has traders optimistic. Deribit, a crypto derivatives exchange, has seen a massive spike in call options for XRP, all targeting the $1.10 strike price. The data shows 4,452,000 open contracts with this target, indicating a significant amount of bullish bets.
Meanwhile, Ripple is expanding its reach, having inked a deal with Dubai's financial innovation hub to boost blockchain adoption in the Middle East. Additionally, Stuart Alderoty, Ripple's Chief Legal Officer, claimed that the SEC now wants to work with Ripple on a potential XRP ETF approval.