XRP Options Traders Anticipate March 28 Expiry

According to derivatives cryptocurrency exchange Deribit, XRP options traders are currently piling into the March 28 expiry.

In-the-Money (ITM) Calls

In-the-money (ITM) calls are currently leading open interest. This indicates that traders remain bullish on XRP following a recent rally spurred by the long-awaited dismissal of the SEC’s appeal against Ripple.

The chart below shows a significant spike in ITM for March 28. Many options traders believe XRP’s price will exceed certain strike prices by that date, allowing them to secure profits.

Potential Volatility

Major players may be preparing for a volatile move before March 28. Options holders exercising their options could increase buying pressure.

On Wednesday, XRP’s price surged to an intraday high of $2.59, though it later retraced to an intraday low of $2.43.

As reported by U.Today, Ripple CEO Brad Garlinghouse noted that the SEC’s decision to abandon its appeal has provided considerable certainty for the company. The future performance of the token remains to be seen, now that the SEC is no longer a factor.

Ripple continues to hold about 42% of the token’s total supply, with Garlinghouse mentioning a possible reduction in XRP sales moving forward.