A growing number of crypto bulls are betting that the price of the XRP (CRYPTO: $XRP) token will hit $5 U.S. in coming months.
Currently $5 U.S. call options on XRP are the biggest bet taking place on %Deribit, a leading %Cryptocurrency futures and options exchange.
The bullish bets come despite an ongoing decline in the crypto market, including for XRP.
The price of the payments-focused cryptocurrency peaked at $3.40 U.S. this January but has since fallen nearly 30% to currently trade right around $2.50 U.S.
Nearly $4 million U.S. worth of call options focused on XRP’s price reaching $5 U.S. have been placed, according to Deribit.
Call options are bets that a security’s price will rise within a specified period of time.
Bullish call options related to other cryptocurrencies such as %Bitcoin (CRYPTO: $BTC) and %Ethereum (CRYPTO: $ETH) have also been rising following a steep selloff in digital coins and tokens.
XRP is the cryptocurrency of %RippleLabs, a U.S.-based technology company that offers enterprise blockchain products on the XRP Ledger and other digital networks.
The price of XRP has risen 317% over the last 12 months to trade at $2.48 U.S. per token.
