XRP, MATIC, SOL Options Go Live on Deribit, Here is the Target Price for Bitcoin Before Halving
Deribit, the world’s largest crypto derivatives exchange, announced the launch of three altcoin options: solana (SOL), XRP and Polygon (MATIC). Solana price hit a 2-year high of $155 as Deribit launched SOL a day early on Monday and the first few traders made bullish calls.
XRP and MATIC Options Trading Live on Deribit
Linear options trading of XRP and Polygon (MATIC) opened at 08:00 UTC on March 12 on crypto derivatives exchange Deribit. All of these new options markets will use USDC as the settlement currency. This differs from Deribit’s existing BTC and ETH inverse options, which use the base currency as collateral.
Deribit’s new offerings are the exchange’s latest step towards offering quality products with deep liquidity, Deribit said. Additionally, USDC as the settlement currency offers advantages such as trading different altcoin options and less hedging requirements compared to BTC and ETH settlement.
“This eliminates the need to rebalance margins when holding positions on multiple altcoins such as Solana, MATIC, and XRP, reduces the need for hedging for those aiming to maintain a stable USD position, and simplifies profit and loss calculations,” said Deribit’s trading manager. Luuk Strijers.
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XRP, MATIC and SOL Target Price
On March 11, Deribit announced that the first few trades on Solana options were $180 calls. This indicates that traders are expecting an increase of over 20% in SOL price before March 29.
Investors were confident that Solana price would break at least $155 before March 13 and that SOL price would reach $155 today. Solana price is currently trading at $152.04, up 3% in the last 24 hours.
Additionally, open interest in Solana futures increased by 5% in 24 hours to $2.41 billion. SOL futures OI on Binance, Bybit, and OKX continue to rise in the last hour, indicating a bullish $170-180 outlook in SOL price.
Meanwhile, the first few options trades on XRP are at $0.74 and $0.9, with puts at $0.69. Traders expect the XRP price to rise to $0.9 before March 29. In fact, XRP futures data also showed a major upward trend. Total XRP futures open positions have increased by over 25% in the last 24 hours, reaching over $1 billion. XRP futures OI on binance rose 32% to almost $372 million.
XRP price is currently trading at $0.694, up 11% in the last 24 hours. The 24-hour high and low are $0.742 and $0.617 respectively.
Source: Deribit
On the other hand, Polygon (MATIC) options trades have the most $1.2, $1.4, and $1.6 calls. Based on Deribit trading, MATIC has lower chances of recovery due to equally strong open interest. Total MATIC futures OI fell over 5% to $362.68 million.
MATIC price has also fallen by almost 2% in the last 24 hours and the price is currently trading at $1.19. The 24-hour low and high are $1.17 and $1.25 respectively. Additionally, transaction volume dropped by 25%. Investors should conduct their own research before investing based on the data mentioned above.
Also Read: Court Deals Major Blow to US SEC Over Additional Jurisdiction in Crypto Litigation
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Varinder has 10 years of experience in the Fintech industry and has been dedicated to blockchain, crypto and Web3 development for over 5 years. A tech enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in more than 5,000 news stories, articles, and articles. Varinder believes in the great potential of future innovative technologies with parofix Media. He currently covers the latest updates and developments in the crypto industry.
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