XRP, the payments-focused cryptocurrency used by Ripple Labs for cross-border transactions, jumped almost 13% in the past 24 hours to $3.36, its highest level since July 28, outperforming both Bitcoin and Ether.
The rally came after a spate of advanced derivatives trading on crypto exchange Deribit, which indicated anticipation of steep price moves. On Thursday, August 7, a trader executed a major “block trade,” buying 100,000 August 29 expiry call and put contracts at the $3.20 strike for over $416,000 in premiums.
This “long straddle” strategy profits from large moves in either direction, with limited downside and unlimited upside. Another sizable straddle was placed at $3.10.
Institutional Bets and Legal Clarity Fuel XRP’s Momentum
Lin Chen, Deribit’s Asia Business Head, noted growing institutional demand for XRP options, prompting the exchange to launch year-end contracts. Speaking to CoinDesk, Chen said, “XRP has outperformed BTC this year, and we are now seeing a surge in block trades and institutional interest in XRP options.”
Adding to the momentum, Ripple and the U.S. Securities and Exchange Commission (SEC) agreed on Thursday, August 7, to dismiss their appeals in a long-running legal battle. The resolution removes years of uncertainty over XRP’s regulatory status, a major overhang for investors.
At the time of writing, XRP WAs trading at $3.36 with a 24-hour volume of $10.93 billion. The token is up 12.96% in the past day, giving it a market cap of $199.33 billion, according to CoinMarketCap. The platform tracks real-time cryptocurrency prices, market rankings, and trading data across global exchanges.
As the legal clarity has now been established and institutional positioning has become hot, traders anticipate greater volatility, and possibly more upside, in XRP in the weeks to come.
Also Read: Analyst Target XRP Price $4 as SBI Files for XRP ETF
