The world of cryptocurrency is no stranger to contradictions—price stagnation amid growing optimism, bearish patterns shadowed by bullish sentiment. XRP, the digital asset powering Ripple’s cross-border payments infrastructure, is currently living this duality. May 2025 ended with mixed signals: technical indicators suggest hesitation in price movement, yet derivatives data reveals strong confidence among traders betting on future gains.
This divergence between spot price action and options market sentiment makes XRP one of the most intriguing assets to watch in the current crypto cycle.
A Month of Indecision: The Doji Candle Tells a Story
On the monthly chart, XRP formed a doji candle with a long upper wick—a pattern widely recognized in technical analysis as a sign of market indecision. According to TradingView data, bulls pushed the price as high as $2.65**, only to see bears aggressively reject those levels and drive the price back down to close near **$2.16, close to where it began the month.
👉 Discover how market patterns like the doji can signal big shifts before they happen.
This type of candlestick often appears at turning points, especially after a sustained rally. In XRP’s case, the doji follows a recovery move from April lows around $1.60, suggesting that upward momentum may have finally stalled. For technical analysts, such patterns can signal “bull exhaustion”—a warning that the rally might be losing steam and a correction could follow.
However, while the spot market shows hesitation, the derivatives landscape paints a different picture—one of persistent optimism.
Bullish Bets Building in the Options Market
Despite the uncertain price action, open interest in XRP options—particularly call options with higher strike prices—continues to rise. Open interest refers to the total number of outstanding derivative contracts, and its concentration can reveal where traders expect prices to go.
At Deribit, the dominant crypto options exchange, the highest open interest is clustered in call options above $2.60**, stretching all the way to **$4.00. The $4.00 strike** leads with a notional open interest of **$5.39 million, followed closely by strikes at $3.00** and **$3.10, each exceeding $5 million in open interest.
Luuk Strijers, CEO of Deribit, confirmed this trend:
“XRP open interest on Deribit is steadily increasing, with the highest concentration of strikes clustered on the upside between $2.60 and $3.0+, reflecting a notably bullish sentiment while the spot price currently trades at $2.16.”
This means that despite XRP trading below $2.20, a growing number of traders are positioning for a significant breakout—potentially doubling or even tripling from current levels.
Notably, this open interest is spread across June and September 2025 expiries, with monthly notional volumes estimated between $65 million and $70 million. Over 95% of this activity occurs on Deribit, making it the primary barometer of institutional and professional sentiment toward XRP.
Why Are Traders So Confident?
Several fundamental drivers are fueling this optimism:
1. Cross-Border Payments Use Case
XRP is not just another speculative token—it’s a core component of Ripple’s financial infrastructure. Ripple uses XRP to power its On-Demand Liquidity (ODL) solution, which enables fast, low-cost international payments without pre-funded accounts.
Traditional systems like SWIFT are slow and expensive, often taking days and involving multiple intermediaries. In contrast, XRP settles transactions in under four seconds with minimal fees.
With the global B2B cross-border payments market projected to grow from $31.6 trillion in 2024 to $50 trillion by 2031, Ripple and XRP are strategically positioned to capture value in this expanding sector.
2. Spot XRP ETF Hopes
While still speculative, there is growing chatter around a potential spot XRP ETF in the United States. After the SEC’s partial loss in its lawsuit against Ripple, sentiment has shifted in favor of regulatory clarity.
A spot ETF would bring institutional capital, improve liquidity, and legitimize XRP as a long-term investment—similar to what occurred with Bitcoin after the approval of spot BTC ETFs in early 2024.
👉 See how ETF developments are reshaping investor access to digital assets today.
3. Corporate Treasury Adoption
XRP is increasingly being considered as a corporate treasury asset. Its stability relative to other altcoins, combined with its utility in global payments, makes it attractive for companies operating across borders.
Some fintech firms and remittance platforms have already integrated XRP into their balance sheets—not just as a speculative holding, but as a functional tool for managing liquidity.
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These terms reflect what investors and traders are actively searching for: insights into price direction, regulatory developments, and macro-level adoption trends.
Frequently Asked Questions (FAQ)
Q: What does a doji candle mean for XRP’s price?
A: A doji indicates market indecision, especially after an uptrend. For XRP, it suggests that the rally from April lows may be pausing or reversing, warranting caution among short-term traders.
Q: Why is open interest important for XRP?
A: Rising open interest in call options signals growing confidence among traders. When combined with high strike prices, it reflects strong bullish expectations for future price appreciation.
Q: Is a spot XRP ETF likely in 2025?
A: While not guaranteed, legal developments—including Ripple’s partial victory in its SEC case—have improved the odds. Regulatory clarity could pave the way for ETF filings in late 2025 or 2026.
Q: How does XRP compare to SWIFT for international payments?
A: XRP offers faster settlement (under 4 seconds), lower costs, and no need for pre-funded accounts. SWIFT transactions can take days and involve multiple intermediaries with higher fees.
Q: Where is most XRP options trading happening?
A: Over 95% of XRP options volume is traded on Deribit, making it the primary hub for derivatives activity and a key indicator of market sentiment.
Q: Can XRP reach $4?
A: While speculative, the current options structure shows significant trader interest in $4.00 as a target. Achieving this would require sustained adoption, regulatory progress, and broader market momentum.
Final Thoughts: Contradiction as Opportunity
XRP stands at a crossroads. The spot market shows hesitation; the technical picture hints at consolidation or pullback. Yet beneath the surface, sophisticated traders are building bullish positions through options contracts that only pay off if XRP rises substantially.
This divergence isn’t noise—it’s a signal. It reflects a maturing market where price action doesn’t always tell the full story. As Ripple continues to expand its footprint in global payments and regulatory clarity improves, XRP may be setting up for another leg higher—even if it’s not obvious from today’s charts.
For investors, this moment offers both risk and opportunity: risk in entering too early during consolidation, and opportunity in aligning with long-term structural trends in finance and digital asset adoption.