XRP to Hit $1.10? Deribit Exchange Sees 4.3 Million Contracts Betting on Price Surge

Altcoins Ripple XRP

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Last updated: 

August 12, 2024

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The price of XRP has remained mostly stable in the past 24 hours, with its move to $0.5684 coming as the crypto market gains by 1% today.

XRP now sits on a 13.5% increase in a week and a 7% rise in the past month, although it remains down by 10% in a year.

This is disappointing performance, especially after Ripple settled with the SEC for only $125 million last week, yet trading data suggests that XRP may see a strong rise very soon.

Indeed, Deribit has witnessed a spike in call options for XRP with a strike price of $1.10, meaning that growing numbers of traders are betting that the altcoin will reach and pass this level in the near future.

XRP to Hit $1.10? Deribit Exchange Sees 4.3 Million Contracts Betting on Price Surge

XRP’s chart looks similar to that of many other coins today, with its indicators showing the token in a middling position that is more or less equally consistent with more falls or more rises.

For instance, its 30-period moving average (orange) has been level with its 200-period average (blue) for a couple of days now, so a move either above or below the longer term average should be incoming.

At the same time, XRP’s relative strength index (purple) is hovering around the 50 level, as if traders aren’t entirely sure what to do with the coin at the moment.

But what’s interesting is that XRP’s support (green) and resistance (red) levels are steadily verging towards each other, forming a pennant.

This usually indicates that a big move is coming, with the aforementioned rise in call options suggesting that many traders believe this move will be upwards.

According to the latest data from Deribit, there are now 4,452,000 open contracts targeting the $1.10 price.

This is a very bullish development, suggesting that the prevailing market mood is swinging more heavily in XRP’s favor.

And it’s more than arguable that XRP deserves a strong rally, given that it has underperformed in the past year or so.

Now that Ripple has wrapped up its case with the SEC, it will be more able to grow its business.

It has already signed a new partnership with the Dubai International Financial Centre’s Innovation Hub, with which it will work on accelerating blockchain adoption in the UAE and Middle East region.

Based on this, XRP could certainly reach $1 in the next few months, particularly if Ripple does expand and if the coin ends up getting its own ETF.

New Meme Tokens for Outsized Returns

XRP may continue progressing steadily until it enjoys some really big news, in which case traders may prefer to buy into smaller cap alternatives.

Low-cap coins can be a gamble, but some of them do rally strongly, particularly if they go viral and gain new exchange listings.

An example of a new coin that could do this is Shiba Shootout (SHIBASHOOT), a new Ethereum-based token that has raised over $900,000 in its recently launched presale.

Shiba Shootout is exciting in that it marries Shiba Inu memes with community-focused Wild West motifs.

It will be an online community centered around shared participation in mini-games and contests, including poker tournaments, lotteries and virtual treasure hunts.

By encouraging holders to engage in a variety of online competitions, and by rewarding the victors, Shiba Shootout is aiming to grow its base of investors and followers more quickly than its rivals..

SHIBASHOOT will have a max supply of 2.2 billion SHIBASHOOT, with the presale getting 35% of this and another 20% going to staking rewards.

Also incentivizing greater participation will be the fact that SHIBASHOOT holders will be able to vote on governance proposals.

Taken together, such features will give SHIBASHOOT a very natural source of demand, and could help it grow quickly once it launches.

But before it goes live, investors can join its sale at the official Shiba Shootout website, where 1 SHIBASHOOT token costs $0.0199.

This price will rise in just under 10 days, while it could rally big once it lists on exchanges, such is the early success of its sale.