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.