XRP Bulls Bet Big on $3 Targets as Technical Breakout Signals Further Gains

XRP has surged over 3.5% in the past 24 hours amid growing bullish sentiment in derivatives markets. Deribit options data reveals concentrated trading activity in aggressive call options, particularly the $3 strike price for July 25 expiry contracts, with 2 million contracts changing hands through buy orders. This options activity coincides with breakout technical patterns in XRP/BTC trading pairs.

Market participants appear emboldened by multiple bullish catalysts:
1) A projected 95% probability for U.S. spot XRP ETF approval according to Bloomberg analysts
2) Ripple's strategic application for a federal banking charter with the OCC
3) The XRP/BTC pair's decisive breakout from a falling wedge pattern - a classic bullish reversal formation

While some lagging indicators like the 50-day and 100-day SMAs remain bearishly aligned, technical analysts emphasize that the confirmed wedge breakout typically supersedes these signals, suggesting XRP's upward momentum may have room to run. The concentration of $3 strike call buying indicates traders are positioning for significant near-term appreciation despite XRP's current $0.55 spot price.