Whale Bets $224K That XRP Stays Flat Through June

A crypto whale has placed a $224,000 bet that XRP's price will remain virtually unchanged through late June, using a short straddle options strategy on Deribit.

The trade involves selling 1.5 million contracts of both $1.40 call and put options expiring on June 26. By selling both sides, the trader profits if XRP stays near the strike price, effectively acting as an insurer against sharp moves. The single-block execution suggests an institutional or high-net-worth participant arranged the trade over-the-counter to avoid market impact.

For crypto traders, this position highlights the current market's expectation of low volatility in XRP, even as macro factors like US interest rate decisions and ongoing SEC regulatory developments could trigger sudden price swings. NowPrice's real-time crypto quotes show XRP trading near the $1.40 level, making the short straddle a bet that the status quo persists. The strategy carries unlimited risk if XRP makes a large move in either direction, so the whale is likely hedging or has a strong conviction that volatility will remain subdued.

Looking ahead, the June 26 expiration date coincides with several key events: the next Federal Reserve meeting and potential court rulings in the SEC vs. Ripple case. A surprise in either direction could force the whale to cover at a loss. Traders should monitor XRP's open interest and implied volatility for signs of shifting sentiment.