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Gauging Bitcoin, XRP Resistance Levels After Record Price Rallies

Gauging Bitcoin, XRP Resistance Levels After Record Price Rallies
Traders are facing the challenge of identifying key resistance levels for Bitcoin and XRP as both assets reach new all-time highs. One way to identify these resistance levels is by studying the distribution of open interest in option contracts. The $120,000 strike call option for Bitcoin has the highest open interest on Deribit, indicating a potential resistance level. Similarly, the $1 call option for XRP has the highest open interest, with the $2.8 call option as the next potential target. The $500 million locked in the $200,000 strike call suggests a bullish outlook for Bitcoin.

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