A crypto whale has made a $224,000 bet that XRP (CRYPTO: XRP) stays pinned near $1.40 through June 26 by selling both call and put options in a short strangle strategy on Deribit.

Whale Collected $224,000 Premium Betting On Low Volatility

The trader sold 1.5 million contracts of both $1.40 call and put options expiring June 26, collecting $224,500 in upfront premiums. 

The trader keeps the full amount if XRP remains near $1.40 through expiration.

By selling both the call and put, the trader is providing insurance against sharp price movements away from $1.40. 

The bet is on volatility staying low with prices pinned near current levels.

XRP has largely traded between $1.30 and $1.50 since February, supporting the whale’s range-bound thesis. 

However, a sharp move in either direction would turn the position unprofitable, requiring the trader to cover losses owed to option buyers.

Macro And Regulatory Catalysts Point To Volatility Ahead

The low-volatility wager comes as macro pressures and regulatory developments suggest bigger price swings ahead. 

Inflation concerns are pushing up government bond yields worldwide, pressuring stocks and cryptocurrencies.

Meanwhile, the Senate Banking Committee advanced the CLARITY Act, a landmark legislative proposal establishing a clear regulatory framework for cryptocurrencies. The bill now moves to a full Senate vote.

Stuart Alderoty, Ripple’s chief legal officer, called the committee’s decision a “monumental outcome” protecting 67 million American crypto holders. XRP is seen as a U.S. crypto play since Ripple is based in San Francisco.

Ripple also received conditional approval from the Office of the Comptroller of the Currency to establish Ripple National Trust Bank, further cementing its U.S. regulatory positioning.

Chart Shows Third Test Of Critical Trendline Support

XRP sits flat at $1.36, grinding along ascending trendline support that has held every low since February’s $1.11 bottom.  This marks the third test of that trendline—the most critical one.

The entire EMA stack sits overhead as resistance. The 20 EMA at $1.4048, 50 EMA at $1.4103, and 100 EMA at $1.4811 are all declining and stacked against recovery. 

Moreover, SAR at $1.4983 confirms the daily trend flipped bearish.

The resistance at $1.55 has rejected price consistently since February, defining the range ceiling. Trendline support sits at $1.35 to $1.37 and must hold on close. 

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