XRP $3 bets dominate trading volume as XRP/BTC’s “wedge” suggests a rally

Payment-centric cryptocurrency XRP

It has grown by more than 3.5% over the last 24 hours, and the amount of options markets placed on the Delivery Bit list suggests bullish expectations.

According to data source Amberdata, high-level July 25 call options on July 1, and September 28 expiration call on a $2.80 strike appeared as the most traded bets.

The call option grants the buyer the right to purchase the underlying asset at a given event price at a later date. This option represents a bullish view of the market. For example, the $3 Strike Call buyer bets that spot prices for XRP will surpass that level by July 25th. In Delibit, one option contract represents one XRP.

A closer look at the flow shows that the mass ranking of $3 calls is primarily due to purchase transactions. Over the past 24 hours, a $3 strike call saw a $2 million contract change hands in investor purchase transactions (The opposite market maker). Conversely, investors were primarily sellers or writers on a $2.8 call.

The $3 call is also the most popular bet in the past seven days in terms of increased open profits or increased number of active or open contracts.

According to Bloomberg analysts Eric Barkunas and James Sefert, increased activity on higher strike calls has resulted in a 95% chance that the US SEC will approve the SPOT XRP ETF, as expectations for a spot ETF debut in the US are tightening.

On Wednesday, Ripple, Fintech’s company that uses XRP to promote cross-border transactions, announced it had applied for a national banking license at the office of the Secretary of Currency. (occ).

“If approved, there are both states (via NYDFS) And federal government surveillance, new (And unique!) Ripple CEO Brad Garlinghouse said in X, Ripple CEO Brad Garlinghouse is a benchmark of trust in the Stablecoin market.”

XRP/BTC Breakout

Bitcoin for XRP, represented by the Binance-Listed XRP/BTC pair, is facing higher as it is divided from falling wedge patterns.

Falling wedges are bullish inversion patterns, featuring two convergent trend lines that show a narrow range of price movements. The convergence of the trendline suggests that sellers are slowly losing steam. Therefore, subsequent movements above the top trend line are said to confirm the control of the new bull.

XRP/BTC surpasses the top trend line, confirming a bullish breakout. This pattern shows that the correction from the April highs has ended and the broader XRP bullish trend has resumed.

Wedge breakouts show that the path with minimal resistance is on the higher side, but the average popularity, 50 days, 100 days, 200 days SMA disagrees.

Both the 50-day and 100-day SMAs are heading south, far worse than the 200-day SMAs recently. However, be aware that the moving average is behind and takes the back seat for a bullish wedge breakout.

Read more: Ripple applies to Federal Bank Trust Charter, XRP Jump 3%