XRP has been making some interesting moves lately. Yesterday, I saw it drop to $1.31 due to decreased liquidity, but today it rebounded slightly to $1.34. When I look at the combination chart, after failed breakout attempts, the market appears to be a bit hesitant. Liquidity is really important – when liquidity is low, price movements tend to be more dramatic. I'm curious whether the $1.34 level will hold for now. Based on the combination chart indicators, it seems more sensible to wait for the next move.

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I just looked at Deribit's options data, and XRP is currently fluctuating around $1.35, but there is a significant options trap below this price level worth noting. The $1.40 price point has about $14.6 million in open interest, accounting for more than a quarter of the entire XRP options market, with $6.95 million in put options and $7.69 million in call options. Such a concentration at a single price point is really rare and usually indicates that the market is about to make a big move. From a trading perspective, this could lead to a phenomenon called "pinning," where the price is pulled toward this strike price. Market makers selling options might hedge dynamically and artificially push the price closer to $1.40. If XRP can hold above this level, a large number of put options will become worthless, but if it breaks below, the hedging positions will increase selling pressure. That’s why I say certain cryptocurrencies are really hard to buy during specific periods—because of the significant structural market risks. Additionally, Bhutan has quietly sold 70% of its Bitcoin holdings, reducing from 13,000 coins to less than 4,000, reflecting institutional caution toward the market. These are signals I think need to be observed at this stage. I’m not saying to completely avoid, but it’s definitely wise to be more cautious about entry timing.