XRP Price today is trading above $2, and analysts speculate it could be next in line for a U.S. spot ETF approval.

Despite long-term optimism, options data on Deribit shows bearish skew, as traders load up on puts

Analysts believe that XRP could be next in line for a U.S. spot ETF approval.

Options data on Deribit shows bearish skew, as traders load up on puts.

After a judge ruled in favor of Ripple in its case with the Securities and Exchange Commission (SEC), analysts at Seven Seven Seven has set price targets for Bitcoin, Ethereum, and XRP if the cryptocurrency market continues to rally this year and if the U.S. Securities and Exchange Commission (SEC) finally approves Bitcoin ETFs.

Despite rumors that the SEC could approve a spot Bitcoin ETF by the end of the summer, the agency has yet to approve any applications for such products.

Meanwhile, options traders are more interested in putting trades that could profit from a move lower in XRP.

On Deribit, one of the largest crypto options exchanges, traders have been buying more put options than call options across several timeframes. This is known as negative options skew.

The fact that puts are in higher demand than calls signals that traders are still more nervous than confident about XRP’s near-term performance, even with ETF rumors swirling and the long-term narrative sounding bullish.

The cryptocurrency recently dropped out of an ascending wedge, a technical pattern that usually indicates a weakening uptrend. As a result, some analysts believe that XRP could test lows around $1.6 again, unless something bullish happens to shift the tide.

However, one positive for XRP is its strong order book depth. Unlike tokens such as Solana, which can get affected by large trades, XRP can handle them without triggering significant price swings—a level of stability that regulators may favor when evaluating ETF readiness.

This liquidity advantage is one reason why XRP remains in ETF discussions. Plus, Ripple, the company behind XRP, continues to promote it as a global payments solution—a real-world use case that many altcoins still lack.

While ETF optimism gives XRP fans something to look forward to, it seems that short-term traders are playing it safe. Until the market sees clearer signs of upward momentum or regulatory progress, the price may stay under pressure.

On the other side, crypto analyst EGRAG CRYPTO says this week could be crucial for XRP’s trend. In his latest analysis, he highlights that XRP's weekly candle is above the key $2.10 level and the 21-week EMA, which is a positive technical indicator.

But the real turning point, according to EGRAG, will be if XRP manages to close the week with a candle fully above the $2.25 mark. If that happens, it would officially confirm a bullish trend reversal and suggest that the April 7 low was the bottom from which the uptrend started.

EGRAG views $2.25 as more than just resistance; he calls it the "lock-in" point for the uptrend. If this week's candle closes above $2.25, it indicates that the buyers are in control and aiming to push the price higher.

However, if the sellers manage to push the price below $2.10, which is the 21-week EMA, then it could signal a continuation of the bear market.

This week's candle close will decide which direction XRP takes next. For now, XRP is in a holding pattern, with short-term traders showing more fear and long-term traders feeling hopeful.