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Traders expect XRP’s price to go higher, leading to more than a 4% increase as many are buying options that profit if the price stays above a certain level in March.
XRP (XRP) climbed 4% to $2.41 on Friday, March 21, as options traders focused on in-the-money calls, leading open interest. According to data from Deribit, options traders “are piling into the March 28 expiry, where ITM calls are leading open interest.”
The rally followed Ripple chief executive Brad Garlinghouse’s announcement that the U.S. Securities and Exchange Commission would drop its appeal in the long-running lawsuit against the company. In an X post, Garlinghouse said that the SEC’s decision to drop its lawsuit appeal marks a turning point for XRP, noting though that the commission still had to vote on the matter, leaving some uncertainty.
The legal battle had weighed on XRP since 2020, with many exchanges delisting the token. Now, traders appear to be betting on further upside. Despite the initial surge, some caution remains. As crypto.news reported earlier, analysts point to key support at $2.2653, with a break below potentially signaling a trend reversal. However, technical indicators suggest further gains are possible.
Market sentiment also shows mixed signals. Data from Coinglass indicates that the long/short ratio for XRP exceeds 1 on most derivatives exchanges, suggesting bullish positioning. But funding rates have turned negative, often a bearish sign.
Earlier, Garlinghouse hinted at more developments ahead, mentioning the possibility of an XRP ETF by late 2025. In an interview with Bloomberg, Garlinghouse said that an XRP spot ETF approval is likely by the second half of 2025.
