XRP Bulls Run Wild: Traders Bet Big on $1.10 Target

Crypto enthusiasts are going all in on XRP. The digital asset, once mired in legal troubles, is now the talk of the town. Why? A flood of traders are wagering it'll hit $1.10 soon.

XRP's price has barely budged in the last day. It's sitting at $0.5684. The broader crypto market is up 1%.

Over the week, XRP has climbed 13.5%. Monthly gains stand at 7%. But zoom out, and it's down 10% year-on-year. Not great, Bob.

Ripple, the company behind XRP, recently settled with the SEC for a mere $125 million. You'd think this would send the price soaring. Nope.

But here's where it gets juicy. Deribit, a crypto derivatives exchange, has seen a massive spike in call options for XRP. The strike price? $1.10.

The charts paint a murky picture. XRP's indicators are all over the shop. It could go either way, really.

Take the moving averages. The 30-day and 200-day lines are playing footsie. A breakout could be on the cards.

The relative strength index is stuck at 50. Traders seem to be twiddling their thumbs.

But hold up. The support and resistance levels are converging. This often signals a big move is coming. And those call options? They're hinting it might be upwards.

A tweet from user @NekozTek spilled the beans. "There is very high activity in call options on XRP with a strike of $1.1 on the Deribit exchange," they wrote.