Deribit Exchange Sees Surge in XRP Call Options as Traders Target $3 Strike Ahead of ETF Hype

XRP's derivatives market is showing strong bullish signals as traders aggressively buy high-strike call options, betting on significant upside for the payments-focused cryptocurrency. Over 2 million contracts for July $3 calls were purchased in buy-side trades on Deribit, while September $2.80 calls saw heavy selling—highlighting a divergence between near-term and longer-term expectations.

This options activity accompanies a 3.5% price surge and growing speculation about a potential spot XRP ETF. Bloomberg analysts note increasing likelihood of SEC approval, though regulatory uncertainty persists. Market makers are actively facilitating this demand for upside exposure as open interest in out-of-the-money calls expands.

Technical indicators further support the bullish thesis. The XRP/BTC wedge pattern suggests continuation potential, with traders using options to position for breakout scenarios. Heavy volume concentration at $2.80-$4.00 strikes reflects expectations for substantial price appreciation within quarterly expiration windows.