XRP/USD Perpetual Swap Contract to Go Live on BitMEX: Details

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Tue, 02/04/2020 - 06:12
Alex Dovbnya
BitMEX launches an XRP/USD perpetual swap contract while the token is still trading "above zero"
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Contents

BitMEX has announced its XRP/USD perpetual swap contract will become available for trading on Feb. 5, 2020, at 04:00 UTC. 

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It's 'about time' to trade XRP/USD pair

The new product, which is similar to BitMEX's Bitcoin futures swap, will trade without a set expiration date in perpetuity. Each futures contract is worth $1. Users are required to pay a funding fee every eight hours. 

Traders will now be able to go long or short on XRP with 50x leverage and put their money where their mouth is.    

The exchange's CEO Arthur Hayes said that he didn't care whether or not it was called Ripple or XRP while commenting on the new addition. The only thing that mattered was that it was still worth more than zero.  

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Here's How Much BitMEX Makes in Fees from Derivatives Trading in One Single Day

An important product for XRP  

BitMEX has huge sway over the cryptocurrency market. As reported by U.Today, its Bitcoin futures trading volumes recently exceeded $2 trln. This is why one shouldn't underestimate how the new contract will affect the XRP market. 

Prominent crypto trader Luke Martin jokingly said that he was sending thoughts and prayers to Ripple. 

On the flip side, XRP could soon form the 'Wyckoff Spring' pattern, which means that the new BitMEX pair could be actually positive for its price. Analyst Sean Nance predicted that the XRP price could "push higher" once trading commences. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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