XRP $3 Call Options Dominate Trading as Chart Signals Bullish Breakout

XRP, the payments-focused cryptocurrency, has surged over 3.5% in the last 24 hours, fueled by optimism visible in derivatives trading volumes on Deribit.

Data from Amberdata shows that since July 1, call options expiring on July 25 with strike prices at $3.00 and $4.00, as well as the Sept. 28 expiry call at $2.80, have become the most actively traded contracts among traders seeking upside exposure.

Call options grant buyers the right—but not the obligation—to purchase the underlying asset at a specific strike price by a future date, signaling bullish sentiment. Traders buying the $3 call, for example, are betting that XRP’s spot price will exceed $3 before July 25. Each options contract on Deribit represents one XRP.

A deeper look into trading flows reveals that the significant activity at the $3 strike has primarily consisted of purchases, with around 2 million contracts bought over the past 24 hours. In contrast, traders have been largely writing or selling contracts at the $2.80 strike.

Additionally, the $3 call has seen the highest increase in open interest over the past week, highlighting its popularity as traders position for potential upside.

This flurry of activity comes amid rising speculation that a spot XRP exchange-traded fund (ETF) could soon debut in the U.S. Bloomberg analysts Eric Balchunas and James Seyffart recently pegged the likelihood of the SEC approving such a product at 95%, suggesting it’s nearly certain.

Adding to the momentum, fintech company Ripple, which leverages XRP for cross-border payments, disclosed on Wednesday that it has submitted an application for a national banking license with the Office of the Comptroller of the Currency (OCC).

“If approved, we would have both state (via NYDFS) and federal oversight, a new (and unique!) benchmark for trust in the stablecoin market,” said Ripple CEO Brad Garlinghouse on X.

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XRP/BTC Pair Signals Bullish Reversal

Meanwhile, the XRP/BTC pair listed on Binance has broken out of a falling wedge pattern, pointing to a possible continuation of XRP’s upward momentum relative to bitcoin.

The falling wedge is a classic bullish reversal pattern, defined by converging downward-sloping trendlines that reflect weakening selling pressure. A decisive move above the upper trendline signals a shift toward bullish control.

XRP/BTC has climbed beyond the wedge’s upper boundary, confirming the breakout. This suggests the correction from April’s highs has concluded and the broader bullish trend may be resuming.

Despite the optimistic chart pattern, some caution persists among traders. Popular technical indicators, such as the 50-day, 100-day, and 200-day simple moving averages (SMAs), remain aligned in a bearish configuration, with both the 50- and 100-day averages trending lower after crossing below the 200-day SMA. However, moving averages are lagging indicators and can often trail significant price breakouts like the one currently unfolding in XRP/BTC.

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