Deribit, the prominent derivatives exchange, has introduced options trading for XRP and Polygon’s native token MATIC. This announcement follows the successful launch of options for the Solana token, which propelled SOL to a two-year high of $155.
Options trading for XRP and MATIC commenced on March 12 at 13:00 TRT, utilizing USD Coin (USDC) as the settlement currency. This strategic shift to USDC aims to simplify trading, offering investors added convenience and reducing the need for hedging, in contrast to the exchange’s traditional BTC and ETH inverse options requiring the base currency as collateral.
Luuk Strijers, Deribit’s Chief Commercial Officer, emphasizes the advantages of USDC adoption, including simplified profit and loss accounting, decreased collateral adjustments across cryptocurrencies, and a straightforward method for traders to maintain a stable US dollar equivalent in their portfolios.
Market sentiment indicates a high level of confidence in an altcoin rally. Initial enthusiasm for Solana options saw transactions for $180 calls, implying a 20% price uptick for SOL by March 29. The subsequent surge in SOL’s price to $155 shortly after options trading commenced reflects robust optimism for further upward movement, evidenced by increased open interest in Solana futures across various platforms.
Similar trends emerge with XRP, where initial trading activity involved the purchase of options at $0.74 and $0.9, with sell-offs at $0.69, signaling a consensus among traders for a potential price rally to $0.9 by month-end. The substantial open interest in XRP futures underscores the escalating 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 significant open positions reflecting a more cautious market sentiment. Despite a slight dip in MATIC’s price and futures market open interest, the asset exhibits resilience.
This expansion of options trading to include XRP and MATIC, coupled with the adoption of USDC settlement, reflects Deribit’s commitment to offering a diverse range of cryptocurrency trading opportunities while enhancing user convenience and accessibility.
