Traders Pile Into $3 XRP Bets With Chart Pattern Hinting at Continued XRP/BTC Rally.

XRP $3 Options Dominate as XRP/BTC Chart Hints at Upside Potential

XRP has posted a gain of over 3.5% in the past day, with optimism evident in derivatives markets, particularly on crypto options platform Deribit.

According to Amberdata, since July 1, the most traded XRP options have been calls expiring on July 25 at strike prices of $3.00 and $4.00, along with the Sept. 28 calls at $2.80. These contracts reflect growing trader appetite for exposure to higher XRP prices.

Call options give holders the right—but not the obligation—to purchase the asset at a set price before expiry, making them a favored tool for bullish bets. Traders purchasing the $3 call, for instance, are wagering that XRP will surpass that price before July 25. On Deribit, each options contract corresponds to one XRP token.

Analysis of recent flows indicates substantial buying activity centered around the $3 strike, with around 2 million contracts purchased in the last 24 hours. Meanwhile, traders have predominantly been writing or selling calls at the $2.80 strike.

Furthermore, the $3 call has recorded the largest weekly increase in open interest, highlighting how traders are positioning for further gains in XRP.

This spike in activity coincides with speculation that the U.S. may soon see the launch of a spot XRP exchange-traded fund (ETF). Bloomberg analysts Eric Balchunas and James Seyffart recently pegged the odds of SEC approval at 95%, suggesting near certainty.

Boosting sentiment further, Ripple, the fintech firm that utilizes XRP for global payments, announced on Wednesday that it has submitted an application to the Office of the Comptroller of the Currency (OCC) for a national banking license.

“If approved, we’d operate under both state (via NYDFS) and federal oversight, setting a new, unique standard of trust in the stablecoin market,” Ripple CEO Brad Garlinghouse wrote on X.

XRP/BTC Technical Pattern Signals Bullish Shift

On the charts, the XRP/BTC trading pair on Binance has broken out of a falling wedge formation, signaling the potential for XRP to continue gaining strength relative to bitcoin.

A falling wedge typically signals a bullish reversal, formed by converging downward trendlines that suggest selling momentum is tapering off. A decisive breakout above the upper trendline often confirms a trend shift in favor of buyers.

XRP/BTC has now moved above the wedge’s resistance, confirming the breakout and suggesting the downtrend from April’s highs might be over, paving the way for renewed upward momentum.

Nevertheless, some caution remains. Key technical indicators like the 50-day, 100-day, and 200-day simple moving averages (SMAs) are still aligned in a bearish configuration, with both the 50- and 100-day SMAs trending downward below the 200-day SMA. However, moving averages often lag behind price action and may not yet reflect the breakout that’s taking shape in the XRP/BTC market.