XRP Faces Crucial Resistance as Options Market Shows Growing Bullish Sentiment
XRP is approaching a key resistance level at 65 cents, a price point that has consistently halted its upward momentum for over a year. However, the options market is showing a clear shift toward bullish expectations, particularly on Deribit.
90-Cent Calls Lead the Charge
The 90-cent call option has become the dominant choice in XRP’s options market, with more than 5.6 million contracts worth $3.6 million in open interest, according to Amberdata. This activity is mainly focused on the November 29 expiration, indicating traders are positioning for an imminent price move above the 65-cent resistance level.
A 90-cent call option reflects the expectation that XRP’s price will rise above this threshold, with buyers betting on a continued upward trend in the short term.
December Outlook Shows Extended Bullish Bets
In addition to the 90-cent strike, there is notable interest in $1.00 and $1.10 call options expiring on December 27. This suggests traders are anticipating XRP’s rally to extend into the final weeks of the year, reinforcing the outlook for a strong price movement.
Resistance at 65 Cents: Key to Unlocking Upside Potential
Currently, XRP is hovering near 65 cents, where selling pressure has repeatedly emerged since October 2023. However, if XRP can break through this resistance, it could trigger a surge of buying momentum, potentially pushing prices toward 90 cents or even $1.00.
As the options market shows increasing confidence, traders are eyeing this critical resistance level closely. A successful breakout could set the stage for a significant rally in XRP as we approach the close of 2024.
