XRP rallied over 4% on March 21, climbing to $2.41, as traders placed bullish bets on the token through the derivatives market. The surge comes amid rising optimism following the SEC’s decision to drop its appeal in the long-running lawsuit against Ripple, the blockchain company behind XRP.
According to Deribit, one of the largest crypto options exchanges, XRP options expiring on March 28 saw a spike in activity, with traders focusing heavily on in-the-money (ITM) call options, indicating a strong belief that XRP’s price will remain above key levels in the short term.
“Options traders are piling into the March 28 expiry, where ITM calls are leading open interest,” Deribit noted in a post on X.
At press time, XRP is holding steady at $2.48, marking a 6.38% gain on the day.
Legal Relief Sparks Renewed Confidence
The latest rally follows Ripple CEO Brad Garlinghouse’s announcement that the U.S. Securities and Exchange Commission (SEC) will not pursue an appeal in its case against Ripple Labs. Garlinghouse described the decision as a turning point for XRP, though he noted the commission still needs to hold a formal vote on the matter.
The SEC’s legal battle with Ripple, which began in 2020, had long cast a shadow over XRP, prompting many exchanges to delist the token. Now, with the legal uncertainty largely lifted, traders appear more confident in XRP’s upward trajectory.
Options Activity Signals Bullish Sentiment
Derivatives market data shows strong interest in call options, particularly those betting on XRP maintaining or surpassing its current price level. The March 28 expiry has emerged as a key focal point, suggesting traders are expecting continued price strength into the end of the month.
However, analysts caution that technical support at $2.2653 remains a crucial level to watch. A break below that threshold could trigger a reversal, though current indicators suggest further gains are still on the table.
Mixed Signals in Market Sentiment
While optimism is rising, the broader market shows mixed signals. Data from Coinglass reveals that XRP’s long/short ratio remains above 1 across most derivatives platforms, indicating a majority of traders are betting long. However, funding rates have turned negative, a trend that often precedes price corrections.
Still, long-term sentiment remains upbeat. Garlinghouse recently hinted at more positive developments on the horizon, including the potential approval of a spot XRP ETF by the second half of 2025. In an interview with Bloomberg, he expressed confidence that market demand and regulatory clarity could pave the way for such a product.
What’s Next for XRP?
With legal headwinds easing and speculative interest returning, XRP may be poised for further growth. However, market participants will closely monitor both technical levels and macro signals as the token continues its recovery path.
As XRP builds momentum in the wake of regulatory clarity, all eyes will be on the March 28 options expiry—and whether traders’ bullish bets pay off.
