- BIT cryptocurrency exchange launches options trading for XRP after Ripple’s courtroom success.
- The move comes as a reaction to growing market interest and expanding crypto derivative offerings.
XRP Bounces Back Stronger
Ripple’s recent partial legal victory on July 13 saw some charges by the U.S. Securities Exchange Commission (SEC) concerning XRP’s classification as a security dismissed. This courtroom success was immediately followed by major exchanges relisting XRP, leading to a sharp 70% price increase. This spike not only revived market enthusiasm for XRP but also stood as a testament to Ripple’s resilience.
BIT Capitalizes on the XRP Wave
Spotting the soaring momentum around XRP, BIT, a cryptocurrency exchange with a specialization in options trading, promptly introduced options trading for XRP. With this addition, XRP has been enlisted alongside notable cryptocurrencies like BTC, ETH, ADA, TON, and LADYS, available for options trading on the BIT platform.
OrBit Markets, a distinguished institutional liquidity provider dedicated to digital asset options and structured derivatives, has been chosen to spearhead the liquidity for this fresh XRP venture. Such a strategic move aims to furnish XRP enthusiasts and investors with diverse tools to strategically manage and cushion their financial assets against market volatility.
Justin Buitendam, BIT’s Global Head of Institutional Sales, expressed his anticipation in launching this innovative trading instrument to the global market. He highlighted BIT’s unique positioning to provide both long and short XRP options, catering to both institutional and retail segments.
Understanding the XRP Options Appeal
Options trading in the realm of cryptocurrencies offers a more cost-efficient and risk-averse engagement with digital assets. This method is rapidly gaining traction as it grants traders a mechanism to gauge their exposure to digital currencies and project their future valuations.
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One of BIT’s distinguishable features is its commitment to USD-denominated and settled trading. This structure allows users to engage in XRP options trading without the requisite to possess the underlying cryptocurrency. Furthermore, the consistent use of USD in computing gains and losses ensures a streamlined method for users to evaluate their trading performance. Moreover, BIT’s platform boasts advanced features dedicated to risk management and capital efficiency.
XRP’s current inclusion in BIT’s options offerings mirrors the maturing perspective of the crypto community and underlines the potential of XRP in this vibrant market.
As of the latest metrics, XRP stands at $0.5859, experiencing a minor slump over the past day. However, given its recent rally and the market’s response, there’s a strong possibility for XRP to rebound soon.
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