XRP is outperforming larger cryptocurrencies on hopes of a resolution of Ripple's legal tussle with the SECGov. reports godbole17
Payments-focused cryptocurrency XRP has rallied sharply this month, outshining larger cryptocurrencies. Some traders are snapping up bullish bets in the options market in hopes of continued gains into the year-end.
A call is a derivative contract giving the purchaser the right but not the obligation to buy the underlying asset – in this case, XRP – at a predetermined price on or before specific expiry date. A call, therefore, is preferred by bullish speculation, while a put option represents a bearish bet.San Francisco-based payment protocol developer Ripple Labs, which has close ties with XRP, for violating securities laws by raising $1.3 billion through XRP sales to investors.
"If the ruling is in Ripple's favor, XRP could rally quickly to $0.68 and then potentially to $0.93 ," Lo told CoinDesk, adding that fund clients and high-net-worth individuals have been buying $0.50 strike XRP calls expiring on Dec. 30.
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