Cryptocurrency markets are abuzz as XRP, the payments-focused digital asset, sees a surge in bullish trading activity. Over the past 24 hours, XRP has jumped more than 3.5%, driven by a flurry of excitement in the Deribit-listed options market. With July 25 call options at $3.00 and $4.00, along with the September 28 calls at $2.80, dominating trading volumes, investors are clearly placing high-stakes bets on XRP’s continued rally.
Options Market Frenzy
The numbers tell the story. According to Amberdata, the $3.00 strike call has been the most heavily traded, with an astounding 2 million contracts changing hands in buy trades over the past day. This particular call option reflects an optimistic view, with buyers wagering that XRP’s spot price will surpass the $3.00 mark by July 25. Contrastingly, the $2.80 strike has seen more sell-side action, as investors take on the role of option writers.
The surge in higher strike calls coincides with heightened anticipation around a potential U.S. spot ETF. Analysts Eric Balchunas and James Seyffart from Bloomberg suggest a 95% likelihood of the U.S. SEC greenlighting a spot XRP ETF—an event that could significantly bolster XRP’s market dynamics. This mirrors the recent trend in Bitcoin ETFs Notch 13 Consecutive Days of Inflow—Why It Matters, highlighting growing institutional interest in crypto assets.
In a related development, Ripple, the fintech firm leveraging XRP for cross-border transactions, has applied for a national banking license with the Office of the Comptroller of the Currency. “If approved, we’d set a new benchmark for trust in the stablecoin market,” Ripple CEO Brad Garlinghouse remarked on X. This move could further solidify XRP’s position in the financial ecosystem.
XRP/BTC Breakout: A Bullish Signal?
Beyond options, XRP’s bitcoin-denominated price is making waves. The XRP/BTC pair, trading on Binance, has broken out of a falling wedge pattern—a formation that heralds a bullish reversal. Typically, this pattern suggests that sellers are losing momentum, opening the door for a price surge. XRP/BTC’s move above the wedge’s upper trendline signals renewed bullish control, marking the end of its correction from April’s highs.
However, it’s not all smooth sailing. Traditional indicators like the 50-day, 100-day, and 200-day simple moving averages (SMAs) aren’t quite as optimistic. Both the 50-day and 100-day SMAs have recently dipped below the 200-day SMA in a bearish crossover. Yet, these averages are notoriously lagging indicators—often overshadowed by real-time patterns like the wedge breakout.
The Road Ahead
The intertwining narratives of options market exuberance and technical chart patterns paint a compelling picture for XRP. But as always in cryptocurrency, uncertainty is the name of the game. Will the bullish momentum hold, or could unforeseen market forces shift the tide?
Ripple’s strategic maneuvers—applying for a federal bank trust charter—and the looming decision on a U.S. spot ETF are developments that could significantly influence XRP’s trajectory. As traders and analysts dissect these evolving scenarios, XRP’s journey remains a captivating story in the ever-volatile world of crypto. For a broader perspective on institutional movements in the crypto market, see our analysis of $588 Million Bitcoin ETF Inflows Show Strong Institutional Support Amid Price Drop.
Source
This article is based on: XRP $3 Bets Dominate Trading Volumes as XRP/BTC’s ‘Wedge’ Suggests Further Rally
Further Reading
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
