Is XRP Ready to Break the Cryptocurrency Ceiling?

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Ah, XRP—the plucky little cryptocurrency that could. It’s climbing the charts again, up over 4%, which is still less dramatic than the average squirrel attempting tightrope walking on a power line. Why? Because traders have decided they enjoy gambling with options that smell faintly of optimism and coffee-coated spreadsheets (strong aroma of March expiration dates included).

Picture this: on March 21st, XRP decided it would be fancy and rubbed elbows with $2.41, all while options traders gathered like caffeine-deprived vultures around in-the-money calls. Data from Deribit suggests that they are “piling into” the March expiry, probably because Bitcoin prices rhyme poorly with March Madness brackets. It’s almost as though the traders know something we don’t—or maybe they just enjoy pretending they do. 🤔

$XRP is holding steady at $2.48, up 6.38% today. Options traders are piling into the March 28 expiry, where ITM calls are leading open interest.

With the SEC out of the picture now, what do you think is next for XRP?

— Deribit (@DeribitOfficial), March 20, 2025

And then came the twist—by twist, I mean Ripple CEO Brad Garlinghouse sauntering onto social media announcing the SEC would drop its appeal from their lawsuit. The world collectively squinted and nodded, as if this were the cryptocurrency equivalent of Valhalla opening its doors. Of course, there’s still some hanging uncertainty; the SEC still has enough bureaucracy to choke an intern. Brad said it was a turning point, but let’s face it, turning points in crypto are about as stable as a one-legged table.

This legal saga has been dragging on since 2020, leaving XRP looking like the cryptocurrency equivalent of a shop-worn paperback—the exchanges were delisting it faster than people avoided diet soda. But now traders appear eager to embrace its glow up (assuming glow ups count as charts waving vaguely upwards). Though some caution remains because, well, crypto is like playing chess on quicksand—confidence today, doom tomorrow.

Analysts, being their usual wet blanket selves, are pointing to key support at $2.2653. A break below that might signal a trend reversal—or simply that the universe enjoys irony. On the brighter side, technical indicators are wagging their charts optimistically. Or rather, they’re optimistic about appearing optimistic. It’s all very meta. 🚀

Meanwhile, market sentiment decided to pull a Hamlet and display “mixed signals.” Coinglass data shows the long/short ratio exceeds 1 for XRP on most derivatives exchanges. Translation: traders brought snacks for the bullish picnic but someone forgot the drinks, as funding rates have flopped into negative territory. Classic crypto mood swings.

If that wasn’t enough drama for one day, Garlinghouse hinted—yes, hinted, because no one announces anything definitively these days—at something sparkling on the horizon: an XRP spot ETF by late 2025. According to Bloomberg, there’s hope for regulatory approval. But then again, there’s also hope that cats and dogs will someday stop fighting, so let’s not put too much stock into optimism. Until then, traders can continue to play the world’s most expensive guessing game. 🎲

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2025-03-21 13:10