XRP, used by Ripple to facilitate cross -border transactions, has ended with frequency marks. However, the activity indicates the exchange of dominant encryption options, Deribit, that the bulls are not ready to decline yet.
The encrypted currency that focused on “Doji” with a long upper shade was formed in May, a classic mark on the frequency in the market, according to Platform Platfile.
The long Alawite wick indicates that the bulls paid prices to $ 2.65, but the bears intervened and rejected those levels, which prompted prices to the level that was seen at the beginning of the month.
The appearance of Doji indicates that the recovery is from early April levels near $ 1.60 is likely to run out of Steam. Doji candles are often demanded after the rise of technical analysts to call for the bull’s exhaust and a potential decline.
Accordingly, last week, some traders bought the 2.40 dollar strike option on May 30. PUT provides insurance for low prices.
The bullish options are open attention
The total image remains optimistic, with open concentrated options in higher calls of the strike in a sign of a continuous positive feeling. The open interest indicates the number of active contracts at a certain time. The purchase call option is given an asymmetric institution to the basic asset, in this case, XRP, which represents a bullish bet.
“The open interest XRP on Deribit is increasing steadily, with the highest concentration of strikes gathered on the upper side between $ 2.60 and $ 3.0, which significantly reflects its upward spirits while the immediate price is currently trading at $ 2.16.”
The graph shows that the 4 -dollar call option is the most popular, with a virtual opening interest of $ 5.39 million. The calls are at $ 3 and 3.10 dollars have an open interest (OI) in excess of $ 5 million each. The virtual open interest indicates the value of the dollar for the number of active contracts.
“The open interest of the XRP option is divided through the interest of June and September, where the monthly virtual sizes are approximately between 65 to 70 million dollars, more than 95 % of which are traded on Deribit.”
The bullish mood of XRP is likely to stem as a solution to the cross -border payments and expectations for the ETF SPOT XRP menu in the United States. Moreover, the cryptocurrency is gaining traction as the origin of the Treasury Department for Companies.
Ripple, which uses XRP to facilitate cross -border transactions, has recently highlighted its capabilities to handle shortcomings in the Swift border payments. The B2B payment market is expected to increase to $ 50 trillion by 2031, an increase of 58 % from 31.6 trillion dollars in 2024.
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