XRP may be the next cryptocurrency to get a spot ETF list in the US after Bitcoin (BTC) and Ether (ETH), argued analysts this week. However, the market for derivative market does not share this optimism.
From the time of writing, Deribit’s Put options were tied to XRP more expensive than calls across multiple time frames, according to Data Source Amberdata. It is a sign of sustained downward fear.
A put option provides insurance against price declines and dealers buy the same when seeking to uncover or take advantage of an expected price drop.
Bias for puts were evident from negative bias across the time frames. Options skew measures the implied volatility premium (demand) for calls compared to puts.
The XRP dived out of a rising wedge early Wednesday and signaled a possible gene test of the latest low down to about $ 1.6.
Earlier this week, analysts said XRP has a relatively better order book depth, which involves ease in trading in large orders at stable prices compared to Solana’s sun and other tokens. This meant that the payments-focused coins used by Ripple to facilitate cross-border transactions could be the next digital asset to get a spot-ETF approval in the US
