XRP Bulls Run Wild on $1.10 Target as Traders Bet Big
XRP is seeing a surge in trading activity, with traders betting big on it hitting $1.10 soon.
The digital asset's price has barely moved over the last day, sitting at $0.5684, but its weekly gains stand at 13.5% and monthly gains are 7%. However, looking at the year-on-year picture, XRP is down 10%.
The recent settlement between Ripple, the company behind XRP, and the SEC for a mere $125 million hasn't sent prices soaring as one might expect. But Deribit's data shows a massive spike in call options for XRP, with a strike price of $1.10.
Ripple has been expanding its reach, recently inking a deal with Dubai's financial innovation hub to boost blockchain adoption in the Middle East. Additionally, Ripple's Chief Legal Officer Stuart Alderoty claimed that the SEC now wants to work with them on a potential XRP ETF approval, which could further propel prices.