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 …