XRP Surges 12% as Traders Bet on Big Price Swings with 'Straddle' Strategy
Main Idea
XRP's price surged 12% in 24 hours, reaching its highest level since July 28, driven by traders using a 'straddle' strategy to bet on volatility, and the resolution of the Ripple-SEC case removed a major regulatory hurdle.
Key Points
1. XRP surged 11% in 24 hours, outperforming bitcoin and ether, reaching $3.32, its highest price since July 28.
2. Traders used a 'long straddle' strategy on Deribit, involving bullish bets on volatility, with large block trades at $3.20 and $3.10 strikes.
3. The SEC and Ripple Labs ended their appeals, removing a major regulatory hurdle for XRP.
4. Deribit's Asia Business Head noted increased demand for XRP options as the cryptocurrency outperformed BTC this year.
5. A bull flag pattern suggests a potential price target of $8 for XRP as trading volume surged to 300 million during peak periods.
Description
Payments-focused cryptocurrency XRP (XRP) has surged 12% over the past 24 hours, outperforming both bitcoin (BTC) and ether (ETH). This double-digit gain has lifted XRP's price to $3.32, its highest level since July 28. The price upswing has been underpinned by sophisticated, anticipatory block option trades on Deribit, involving a bullish bet on volatility. Block trades are large transactions executed over-the-counter and outside of the public order book to minimise their impact on the prevaili...
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