An XRP whale collected $224,500 in options premiums betting the token stays near $1.40 through June 26.
Summary
- A large trader executed a short strangle on Deribit on May 21, selling 1.5 million contracts each of the $1.40 XRP call and put option.
- The trade collects $224,500 in upfront premium and returns the full amount if XRP remains close to $1.40 through the June 26 expiry.
- XRP has traded between $1.30 and $1.50 for roughly 60% of 2026, making the flat-price bet consistent with recent price history.
An XRP whale executed a short strangle on Deribit on May 21, selling 1.5 million contracts each of the $1.40 call and put options. The trade hit the tape as a single privately negotiated block to avoid moving the market.
By selling both the call and the put at the same strike, the trader provided insurance against sharp price moves in either direction. The $224,500 upfront premium is the maximum profit and is kept in full if XRP stays near $1.40 through the June 26 expiry.
How the short strangle works and what the whale risked
XRP has spent roughly 60% of 2026 trading between $1.30 and $1.50. The May 29 monthly options expiry has max pain at $1.40, according to Laevitas data, reinforcing that level as a near-term gravitational centre.
XRP options open interest has climbed back above 50 million contracts for the first time in nearly two months, according to Laevitas data, signalling renewed activity ahead of the May 29 monthly expiry.
Why the Clarity Act is the main threat to this bet
Crypto.news has explored why the Clarity Act matters more to XRP than to almost any other asset. A Senate floor vote arriving sooner than expected could push XRP sharply through $1.50, turning the short call into a loss.
Crypto.news has tracked how the May 15 options expiry pulled XRP back from $1.55 toward $1.45, consistent with max pain mechanics.
What happens if XRP breaks out of the $1.40 range
The short strangle becomes unprofitable when XRP moves far enough that losses exceed the $224,500 premium. A move above the strike plus premium on the upside, or below it on the downside, turns the position into a net loss.
Given the Clarity Act’s uncertain Senate timeline and macro pressure on Bitcoin near $77,000, the bet amounts to a conviction that nothing consequential happens to XRP before late June. The XRP (XRP) price page tracks live movements as that conviction is tested.
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