XRP Bulls Bet Big on $1.10 Target as Call Options Surge
XRP bulls are running wild as traders bet big on a price target of $1.10. Despite XRP's price sitting at $0.5684, with barely any movement in the last day, and the broader crypto market up 1%, the digital asset has seen a significant surge in call options for the $1.10 strike price.
Deribit, a crypto derivatives exchange, has reported a massive spike in XRP call options, with 4,452,000 open contracts targeting the $1.10 price. This is a clear indication of bullish sentiment from traders.
The company behind XRP, Ripple, recently settled with the SEC for $125 million, but this hasn't had a significant impact on the price. However, recent deals with Dubai's financial innovation hub and potential XRP ETF approval could be driving up interest in the asset.