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XRP Options Are Now Available on Major Exchange After Price Moves Further

Wed, 03/22/2023 - 12:11
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Gamza Khanzadaev
Crypto investors receive new opportunities on Binance as XRP price makes next move
XRP Options Are Now Available on Major Exchange After Price Moves Further
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Leading cryptocurrency exchange Binance announced an expansion of its line of XRP-focused investment products. As part of it, weekly option contracts XRP/USDT will be available to all Binance users. Apart from XRP, such a product is only available for Bitcoin (BTC), Ethereum (ETH) and BNB.

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It is important to clarify that the contracts are European, which means that their execution is strictly linked to a predetermined future price and date. The first XRP/USDT options with an expiry date on the last day of the month will be available tomorrow. They will be updated every Thursday thereafter.

XRP price action puts it on top of the top

Interestingly, the provision of new XRP investment opportunities on Binance came the day after the token showed the best price action among major crypto assets. As a reminder, yesterday the price of XRP saw a rise of more than 30% at one point, hitting its four-month high of $0.493 per token. The action marked the end of an accumulation phase that had lasted since November 2022, when the crypto market suffered a severe correction amid the collapse of the FTX exchange.

XRP to USD by CoinMarketCap

Here's Why XRP Is Up More Than 20%

Having covered the entire FTX dump with one daily candle, the XRP price further corrected by 8.6% to the zone of $0.45 per token. What happens next will become clearer after today's FOMC meeting and the rhetoric of its members.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.