The price of XRP has dropped 30% since January but the $5 call option remains popular on the Deribit exchange. This option offers significant upside potential for buyers if the price exceeds $5. However, it does not necessarily indicate a bullish positioning among traders. The $5 call has the highest notional open interest of $3.84 million among all XRP strikes on the exchange. Most of these are covered calls, which involve selling higher-level out-of-the-money calls while holding XRP to capture the premium and limit potential losses. This strategy is popular in traditional markets as well as in bitcoin and ether trading.



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