What to know:

• XRP has climbed over 3.5% within the last 24 hours, indicating bullish sentiment in the options market.
• The $3 strike call option is the most active, showcasing significant buy trades that reflect investor optimism.
• The daily chart of XRP/BTC shows a bullish trend, despite contrasting bearish signals from the moving averages.

Payments-focused cryptocurrency XRP (currently priced at XRP price $2.2888) has surged over 3.5% in the recent 24-hour span, as indicated by substantial activity in the Deribit options market suggesting bullish expectations.

Despite bearish signals from moving averages, the daily chart presents a bullish breakout for XRP/BTC, which hints towards a bullish consolidation phase. The data implies that significant buy orders are concentrated around the $3 strike level, with a total of 2 million contracts exchanged in the last day as investors flock to acquire the $3 call options.

In light of this options market activity, Bloomberg analysts have noted the probability of a spot XRP ETF approval by the U.S. SEC is currently at 95%, almost confirming expectations. Furthermore, Ripple’s CEO, Brad Garlinghouse, remarked on X that,

“If approved, we would have both state (via NYDFS) and federal oversight, a new (and unique!) benchmark for trust in the stablecoin market.”

XRP’s Current Market Dynamics

The XRP/BTC trading pair has shown a breakout from a falling wedge pattern—suggesting a transition toward a bullish trend. The falling wedge is a bullish reversal pattern characterized by two converging trendlines indicating a reduction in price movement volatility.

The bullish breakout above the upper trendline signifies that sellers are losing control, possibly paving the way for further gains. Although some moving averages paint a conflicting picture, the bullish wedge breakout takes precedence.

For further insights, see the related article: Ripple Applies for Federal Bank Trust Charter, XRP Jumps 3%.