As XRP Prices Steady at 65 Cents, Options Activity Focuses on 90-Cent Strikes: Godbole

XRP Eyes Breakout as Options Market Signals Bullish Momentum

XRP is testing a crucial resistance zone that has consistently limited its upward momentum for over a year. Meanwhile, bullish sentiment is surging in its expanding options market on Deribit.

90-Cent Strike Dominates Open Interest

According to Amberdata, the 90-cent call option has emerged as the most favored among traders, with more than 5.6 million contracts worth $3.6 million currently open. The majority of this open interest is tied to the November 29 expiry, highlighting short-term optimism for XRP’s price action.

A 90-cent call option gives traders the right—but not the obligation—to buy XRP at that price in the future. This positions call buyers as firmly bullish, anticipating a significant move above 90 cents.

Bullish Bets Extend to Year-End

Notable open interest is also evident in $1.00 and $1.10 call options set to expire on December 27. This distribution suggests that traders expect the upward trend to persist beyond November, potentially marking a strong finish for XRP in 2024.

Critical Resistance at 65 Cents

XRP is hovering near the 65-cent level, a key threshold where selling pressure has repeatedly surfaced since October 2023. A successful breach of this resistance could unleash months of pent-up buying momentum, propelling the cryptocurrency toward the 90-cent to $1.00 range.

With bullish bets building across multiple expiries, the options market reflects increasing confidence that XRP might finally overcome its long-standing resistance. A breakout at this stage could signal a new chapter of upward momentum for the asset as it heads into 2025.