In a notable expansion of its cryptocurrency offerings, Deribit, the leading derivatives exchange, has initiated options trading for XRP and Polygon’s native token MATIC. This development arrives on the heels of the exchange’s successful launch of options for the Solana token, which spurred a significant price spike for SOL to a two-year high of $155.
XRP and MATIC Options Leverage USDC Settlement
Starting March 12 at 13:00 TRT, Deribit commenced option trading for XRP and MATIC using USD Coin (USDC) as the settlement currency. The adoption of USDC seeks to streamline trading by offering investors more convenience and a diminished necessity for hedging, contrasting with the exchange’s traditional BTC and ETH inverse options that require the base currency as collateral.
Deribit’s CCO, Luuk Strijers, highlights the multiple benefits of utilizing USDC, such as ease of profit and loss accounting, reduced frequency of collateral adjustment across various cryptocurrencies, and an uncomplicated path for traders aiming to preserve a stable US dollar equivalent in their portfolios.
Market Sentiment Indicates Confidence in Altcoin Rally
The initial enthusiasm for Solana options involved transactions for $180 calls, suggesting a market expectation of a 20% price uptick for SOL by March 29. SOL’s climb to $155 soon after options trading began illustrates the robust optimism for continued upward movement, as evidenced by the surge in open interest in Solana futures on various platforms.
Similar trends are observed with XRP, where initial trading activity included buying options for $0.74 and $0.9, paralleled by sell-offs at $0.69, indicating a trader consensus on a potential price rally to $0.9 by month-end. The high open interest in XRP futures further underscores the growing market interest in the asset.
For MATIC, trading patterns reveal purchases of options at three different strike prices: $1.2, $1.4, and $1.6, with strong open positions manifesting a more tempered market sentiment. Despite a marginal dip in MATIC’s price and futures market open interest, the asset continues to demonstrate resilience.