A massive XRP derivatives play is betting that its price goes nowhere until the end of June, even as macro headwinds and regulatory developments suggest a volatility boom.

The move hit the tape on crypto exchange Deribit as a single-block trade, meaning it was a large transaction executed over-the-counter in a privately negotiated deal to prevent it drastically moving the price.

The trade likely involved a whale or an institution executing what is known as the “short straddle” strategy by shorting (selling) 1.5 million contracts of both the $1.40 call and put options expiring on June. 26.

By selling both the call and put, the trader is effectively providing insurance against sharp price movements away from the $1.40 strike. The trader…