XRP Approaches Major Resistance as Options Traders Bet on a Rally

XRP is nearing a significant resistance level at 65 cents, which has consistently acted as a ceiling for over a year. Meanwhile, its options market on Deribit is buzzing with bullish activity, signaling growing confidence in a potential breakout.

90-Cent Calls Lead the Charge

The 90-cent strike call option has become the most popular choice among traders, with over 5.6 million contracts worth $3.6 million in open interest, according to Amberdata. Most of this interest is tied to the November 29 expiration, indicating traders expect an upward move in the short term.

A call option at 90 cents reflects traders’ anticipation that XRP prices will surpass this level, with buyers signaling bullish sentiment on future price action.

Optimism Stretches Into December

Further supporting the bullish outlook, notable open interest has accumulated at $1.00 and $1.10 call options set to expire on December 27. This suggests traders see potential for a continued rally into the close of the year.

Key Resistance at 65 Cents Could Spark a Breakout

Currently trading near 65 cents, XRP is testing a level that has repeatedly triggered sell-offs since October 2023. A decisive move above this resistance could unlock months of suppressed buying pressure, potentially driving XRP prices toward the 90-cent to $1.00 range.

As traders position for a breakout, the options market reflects a heightened sense of optimism. A breach of the 65-cent barrier could serve as a catalyst for significant upside momentum, positioning XRP for a strong finish to 2024.