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XRP has gained a new crypto exchange listing as more platforms continue to embrace the crypto asset following the landmark Ripple verdict.
BIT, a professional cryptocurrency exchange that deals in options trading, has announced the addition of XRP options to its platform.
Cryptocurrency options exchange BIT announced the launch of XRP options trading. The initial liquidity will be provided by OrBit Markets, becoming the sixth token on the BIT platform that can be traded for options after BTC, ETH, ADA, TON and LADYS. Recently, American exchanges…
— Wu Blockchain (@WuBlockchain) August 17, 2023
The exchange, which launched in 2020, includes a variety of services such as perpetual contracts, futures contracts and options products on BTC, ETH, ADA, TON and LADYS.
XRP is now the sixth cryptocurrency available for options trading on the BIT platform.
Citing the landmark July 13 judgment that XRP traded on exchanges does not qualify as securities, the BIT exchange wrote in a blog post that this marks a huge milestone for Ripple and has undoubtedly spurred increased interest and excitement in the XRP market.
Moreover, it has grasped the chance and announced the opening of XRP options trading on the BIT platform as a testament to the growing demand for XRP. This important development would increase XRP visibility as users would be able to trade XRP options without needing to hold the underlying asset.
At the start, the initial liquidity will be provided by OrBit Markets, an institutional liquidity provider of options and structured derivatives in digital assets.
XRP whale activity on rise
After the SEC's lawsuit against Ripple was unsuccessful, and Judge Torres ruled that XRP was a nonsecurity, the crypto asset quickly rose to become one of the summer's great stories. However, after rising above $0.83, the price plummeted back below $0.59.
Tomiwabold OlajideOn-chain analytics firm Santiment pointed this out in its latest insights report, adding that whales have just begun to become increasingly active again, which might very well be the long-awaited accumulation.
XRP was down 2.06% in the last 24 hours to $0.587 at the time of writing, tracking the general crypto market fall.
Gamza Khanzadaev
Dan Burgin
U.Today Editorial Team
Vladislav Sopov