XRP Traders Bet Big on $1.10 Target as Call Options Soar

XRP traders are taking big bets on the asset hitting $1.10 in price. Despite XRP's relatively flat performance over the last day, at $0.5684, and its year-on-year decline of 10%, a surge in call options on Deribit exchange suggests bullish sentiment.

The recent settlement between Ripple, the company behind XRP, and the SEC for $125 million hasn't sent the price soaring as expected, but it has cleared the way for further growth. Ripple's deal with Dubai's financial innovation hub may also be a catalyst for increased adoption of blockchain technology in the region.

Deribit data shows 4,452,000 open contracts targeting the $1.10 price, indicating a high level of confidence among traders. However, XRP's indicators are unclear, and its support and resistance levels are converging, which could signal a big move either way.