XRP, MATIC, SOL Options Goes Live on Deribit, Here Are Pre-Bitcoin Halving Target Price

Deribit, the world’s largest crypto derivatives exchange, announced the launch of three altcoins options — Solana (SOL), XRP, and Polygon (MATIC). Solana price hit a new 2-year high of $155 as Deribit launched SOL a day earlier on Monday, with the first few traders making bullish calls.

XRP and MATIC Options Trading Live on Deribit

Linear options trading of XRP and Polygon (MATIC) opened on crypto derivatives exchange Deribit on March 12 at 8 AM UTC. These new options markets will all use USDC as the settlement currency. This is different from Deribit’s current BTC and ETH inverse options, which use the base currency as collateral.

Deribit said new offerings from Deribit are the latest step for the exchange to offer quality products with deep liquidity. Also, USDC as the settlement currency offers advantages such as trading different altcoins options and less hedging requirement compared to BTC and ETH settlement.

“It eliminates the need for rebalancing collateral when holding positions across multiple altcoins like Solana, MATIC, and XRP, reduces the requirement for hedging for those aiming to maintain a stable USD position, and simplifies profit and loss calculations,” said Deribit’s chief commercial officer Luuk Strijers.

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Target Price of XRP, MATIC, SOL

Deribit on March 11 revealed that the first few trades on Solana options had calls for $180. This indicates traders are expecting an over 20% increase in SOL price before March 29.

Will SOL increase over 20% in less than 20 days?

The first few trades on Solana options were on the 180 Call. Do you think SOL price will increase by over 20% before 29th March? pic.twitter.com/7OLI1rKHKO

— Deribit (@DeribitExchange) March 11, 2024

Traders were confident over Solana price breaking at least $155 before March 13 and SOL price hit $155 today. Solana price is currently trading at $152.04, up 3% in the last 24 hours.

In addition, Solana futures open interest has increased by 5% in 24 hours to $2.41 billion. SOL futures OI on Binance, Bybit, and OKX continues to rise in the last 1 hour, indicating a bullish outlook of $170 -180 on SOL price.

Meanwhile, first few option trades on XRP are calls for $0.74 and $0.9, with puts on $0.69. Traders expect XRP price to rally to $0.9 before March 29. In fact, the XRP futures data also showed massive bullish sentiment. The total XRP futures open interest has increased over 25% in the last 24 hours, rising over $1 billion. XRP futures OI on Binance jumped 32% to almost $372 million.

XRP price currently trades at $0.694, up 11% in the past 24 hours. The 24-hour high and low are $0.742 and $0.617, respectively.

On the other hand, Polygon (MATIC) options trades have the most calls for $1.2, $1.4, and $1.6. As per Deribit trades, MATIC has lower chances of rallying due to equally strong put open interests. The total MATIC futures OI tumbled over 5% to $362.68 million.

MATIC price also fell nearly 2% in the past 24 hours, with the price currently trading at $1.19. The 24-hour low and high are $1.17 and $1.25, respectively. Moreover, trading volume also dropped by 25%. Investors must do their own research before investing based on the above-mentioned data.

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