XRP Price Nears $14 Million Options Cluster, Signaling Potential Shift in Trading Dynamics
March 18, 2026 – By Omkar Godbole
XRP, the cryptocurrency commonly used by Ripple for cross-border payments, is currently trading around $1.50, positioning itself just above a significant options cluster concentrated at the $1.40 strike price on the Deribit exchange. This cluster holds approximately $14.6 million in open interest, accounting for nearly 25% of all XRP options on the platform, marking it as a critical battleground that could influence near-term price movements.
Understanding the Options Cluster
Options contracts allow traders to buy or sell XRP at a predetermined strike price before a specified expiration date. There are two main types of options: call options, which give the right to purchase XRP and are typically used to bet on price increases, and put options, which provide the right to sell XRP and are often used for hedging or speculating on price declines.
At the $1.40 strike, Deribit records approximately $6.95 million in open call options and $7.69 million in put options, culminating in $14.6 million in open contracts set to expire predominantly on March 27, 2026. Such a heavy concentration of open interest at a single strike price is relatively unusual and suggests that the market may be approaching a pivotal price point.
The Significance of the $1.40 Strike
As the options expiry date approaches, the $1.40 level could act as a powerful magnet for XRP’s price — a phenomenon known as “pinning.” Market makers and traders who are "short gamma" (those who have sold options at this strike price) may dynamically hedge their exposure by buying or selling XRP to offset risks, potentially causing the price to gravitate towards $1.40. This dynamic is well-documented in traditional currency markets, where major pairs such as EUR/USD often move toward prominent strike prices near options expiry.
Implications for Traders and Investors
A sustained breakout above the $1.40 strike level might render many put options worthless, potentially lifting XRP’s price as bearish bets expire unused. Conversely, dropping below this level could initiate hedging flows from option sellers, increasing selling pressure and possibly driving the price down further.
Given this, market participants need to monitor the $1.40 price zone closely over the coming days, as the unfolding situation with these options is likely to play a major role in XRP’s short-term price action.
Broader Crypto Market Context
XRP’s options scenario is unfolding against a backdrop of cautious sentiment in the broader cryptocurrency market. While Bitcoin holds near $70,500 and funding rates have normalized, options skew and futures markets are suggesting increased demand for near-term downside protection. Other altcoins such as QNT and FET show pockets of strength, yet major coins remain rangebound under macroeconomic pressures.
Conclusion
With nearly a quarter of XRP’s options open interest densely clustered at the $1.40 strike and the price currently hovering just above this level, traders should be prepared for potentially increased volatility as expiry approaches on March 27. How this large options position unwinds could set the tone for XRP’s price trajectory in the short term.
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About the Author: Omkar Godbole is a cryptocurrency market analyst and reporter at CoinDesk.
This article is based on data and insights as of March 18, 2026. Market conditions may evolve rapidly.