BitMEX has announced its XRP/USD perpetual swap contract will become available for trading on Feb. 5, 2020, at 04:00 UTC.
We at BitMEX are proud to announce that trading of a new perpetual swap on the XRP token (XRPUSD) will begin at 0400 UTC on 5 February 2020.— BitMEX (@BitMEXdotcom) February 4, 2020
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.
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.