XRP Nears Key Resistance as Traders Bet on 90-Cent Rally
XRP is inching closer to a critical resistance level at 65 cents, a threshold that has consistently capped its upside for over a year. Despite this, growing bullish sentiment is evident in its expanding options market, particularly on Deribit.
90-Cent Calls Dominate XRP’s Options Market
The 90-cent call option is currently the most popular in XRP’s options market, with more than 5.6 million contracts worth $3.6 million in open interest, as per Amberdata. The majority of this activity is concentrated in the Nov. 29 expiry, suggesting traders are anticipating a price move above the 65-cent resistance in the near term.
A 90-cent call option is essentially a bet that XRP will exceed that price level before the expiry date, reflecting confidence in a bullish outcome.
Long-Term Bullish Outlook for XRP
In addition to the 90-cent call, there is also significant open interest at the $1.00 and $1.10 strikes expiring on December 27. This indicates traders are positioning for an extended rally, with expectations that XRP could continue its upward trajectory well into the year-end.
Resistance at 65 Cents: A Key Hurdle
XRP is currently trading near 65 cents, a price point that has seen persistent selling pressure since October 2023. However, a breakthrough above this level could unleash a wave of buying momentum, potentially sending XRP toward the 90-cent to $1.00 range.
As the options market reflects mounting optimism, XRP traders are closely watching this crucial resistance. A successful breakout could mark the start of a significant rally as we approach the end of 2024.
