XRP Jumps 4% Amid Bullish Options Trading Activity

The price of XRP on Friday rose 4% on the day, reaching $2.41, as traders bought options bets betting on further gains. The surge comes shortly after the company enjoyed a swell of optimism fueled by major legal developments in the Ripple’s ongoing battle with the U.S. Securities and Exchange Commission (SEC).

Data from Deribit shows that the options traders are spending money on in-the money (ITM) call options that are set to expire on March 28, suggesting that a lot of people are betting on XRP continuing its upwards journey. It is to be noted that the said options are currently leading open interest, which only adds to the bullish sentiment of the investors.

The rally continued as Ripple CEO Brad Garlinghouse announced that the SEC would not appeal the long battle that they have been fighting against the company. In 2020, it started the case and XRP got delisted on various exchanges, which had an adverse impact on it.

Garlinghouse Calls SEC Decision a Turning Point for XRP

Ripple CEO Brad Garlinghouse described in a post on X, formerly known as Twitter, the SEC’s decision as a turning point for XRP. But he warned that while there are still some gaps, the vote was yet to be cast by the regulatory body.

Market analysts caution despite the bullish movement. A support level that has gained importance is $2.2653 and a slide through it may indicate of a trend reversal. However, traders are still optimistic endorsing from technical indicators which still indicate the potential for more gains.

Market sentiment remains mixed. As evidenced on data from Coinglass, the long/short ratio of XRP on most derivatives exchanges is above one, which suggests preference for the long positions. Funding rates have turned negative though, and it”s usually read as bullish. The tension shows the possible volatility to come as traders deal with the widening terrain.

The excitement was further added by Garlinghouse, who hinted that more about XRP is imminent, including maybe a launch of an exchange traded fund (ETF). In a recent Bloomberg interview he said that you could be flying an XRP spot ETF by the back end of 2025, which would open up broader institutional adoption.