I just saw that XRP is hovering around $1.34, and something interesting is happening in the options market. On Deribit, there is a massive concentration of about $14.6 million in open options at the $1.40 strike, which is nearly a quarter of all XRP options on that exchange. That’s quite a lot for a single level.

The distribution is fairly even: approximately $6.95 million in call options and $7.69 million in put options at that same point. Most of these positions expire on March 27. What strikes me is that such a concentration of options at one strike usually doesn’t happen – it often indicates that something significant is about to occur.

Here’s how it works: if the price stays close to that $1.40 when the options expire, market makers may start adjusting their hedges. This can cause the price to be pulled toward that strike – a phenomenon called 'pinning.' You also see this with currency pairs.

So what does this mean? If XRP rises above $1.40 and stays there, many put options will expire worthless, reducing selling pressure. Conversely, if it dips below, hedging flows can add extra selling pressure. The options activity suggests that XRP’s next move will be strongly influenced by how these large positions are unwound. So, it’s important to keep a close eye on this $1.40 zone in the coming days.