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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.
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.
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.
Vladislav Sopov