XRP and Solana Eye Breakout Amid Institutions Buying, Call Options

XRP and Solana are witnessing a rebound as anticipated amid renewed positive sentiment from institutional investors and expert traders. It follows the rising expectations of three US Fed rate cuts this year after weak jobs reports, with some Wall Street giants estimating a 50 bps rate cut in September.

XRP and Solana to Rally on Rising Institutional Interest?

While retail trading remained muted in the broader crypto market, institutional investors are driving XRP and Solana prices upward. Data suggests capital rotation from top crypto assets, Bitcoin and Ethereum, into altcoins having existing ETF applications.

As per CoinShares inflows data, August inflows into XRP and Solana funds were $307 million and $388.80 million. Whereas the YTD inflows were $1.39 and $1.24 billion, indicating rising institutional demand in the last few weeks.

Nansen reported that solid institutional buying, bullish sentiment, and major DeFi integrations were major catalysts fueling the Solana ecosystem. In contrast, XRP saw massive growth from financial institutions despite a bearish sentiment from whales.

Massive Bullish Sentiment Among Options Traders

XRP and Solana options trading volume increased in the last 24 hours, as per Deribit. Traders are buying call options for both short and long timeframes and selling long-term puts.

In the last 24 hours, XRP saw 3 times more calls than puts, with a put-call ratio of 0.39. Moreover, the Sept 12 options expiry data signals a bullish outlook among traders targeting $2.9, $3, and even $3.5. Notably, the max pain price was at $2.90.

XRP price is trading 4% higher at $2.94 at the time of writing. The 24-hour low and high are $2.83 and $2.94, respectively. Popular analyst Ali Martinez predicted a 25% rally after a breakout with strong volumes. Trading volume jumped almost 170% in the last 24 hours.

Meanwhile, Solana saw 4 times more calls than puts, with a put-call ratio of 0.24. Moreover, the Sept 12 options expiry data signals a bullish outlook among traders targeting $220, $228, and even a high of $260. Notably, the max pain price was at $208.

SOL price jumped more than 5% in the last 24 hours, with the price currently trading at $214.06. The 24-hour low and high are $201.59 and $212.07, respectively. Furthermore, trading volume has increased by 115% over the past 24 hours.

Varinder Singh

Varinder is a seasoned leader in the fintech and crypto media with over 12 years of experience, including over 6 years dedicated to blockchain, crypto, and Web3 developments. He is known for covering high-impact and quality news stories for publishers such as CoinGape, The Coin Republic, and The Crypto Times, while perfecting and training multiple journalists during his tenure. Being a Master of Technology degree holder, analytics thinker, and tech enthusiast, he has shared his knowledge of disruptive technologies in over 5000 news articles and papers.