According to derivatives cryptocurrency exchange Deribit, XRP options traders are currently piling into the March 28 expiry.
In-the-money (ITM) calls are currently leading open interest. This means that traders remain bullish on XRP following the recent rally driven by the long-awaited dismissal of the SEC's appeal against Ripple.
The chart below shows that there has been a huge spike in ITM for March 28. A lot of options traders are convinced that the XRP price will be trading above certain strike prices by the aforementioned day. In this way, they will be able to secure profits.
Big players are possibly preparing for a volatile move that will take place before March 28. Options holders exercising their options might increase buying pressure.
On Wednesday, the price of XRP rallied to an intraday high of $2.59. However, it has since given up some gains, slipping to an intraday low of $2.43.
As reported by U.Today, Ripple CEO Brad Garlinghouse stated that the SEC abandoning its appeal has provided a lot of certainty for the company.
It remains to be seen how the token is going to perform now that the SEC is out of the picture.
Ripple continues to own roughly 42% of the token's total supply.
Garlinghouse has stated that the company might reduce its XRP sales in the future.
Vladislav Sopov
Dan Burgin