- BIT crypto exchange introduces XRP options trading, capitalizing on Ripple’s recent legal triumph.
- Initial liquidity for XRP options on BIT will be provisioned by OrBit Markets, a leader in digital asset derivatives.
XRP’s Impressive Debut on BIT
The cryptocurrency landscape saw a ripple effect, pun intended, following Ripple’s defining legal win. XRP, Ripple’s native cryptocurrency, garnered increased attention, culminating in its latest listing on BIT, a reputable crypto exchange specialized in options trading. Having been inaugurated in 2020, BIT provides a myriad of financial instruments such as perpetual and futures contracts. Options products on leading digital assets like BTC, ETH, ADA, TON, and LADYS have already found their niche on this platform, with XRP being the latest entrant.
Drawing motivation from the seminal July 13 ruling, where it was decreed that XRP’s trading on exchanges does not equate to securities dealing, BIT acknowledged the significant boost this brought to Ripple’s ecosystem. Through a blog post, the exchange elucidated on this milestone and its ramifications, leading to heightened intrigue in the XRP market. By ushering in XRP options trading, BIT not only meets the rising demand for XRP but also amplifies its accessibility. This implies that traders can now venture into XRP options without mandatorily owning the base cryptocurrency.
A pivotal supporting actor in this narrative is OrBit Markets, which will be laying down the initial liquidity. As an eminent institutional conduit for options and structured derivatives in the digital sphere, their involvement ensures robust liquidity for newcomers to the XRP options arena.
Whales Making Waves in XRP Realm
Post the SEC’s unfavorable attempt to litigate against Ripple, XRP emerged from the shadows, becoming a standout performer. Despite its meteoric rise past $0.83, it did experience a pullback, diving below $0.59. This market movement was spotlighted by on-chain analytics behemoth, Santiment. Their observations hint at a resurgence in activity by XRP whales, potentially signaling a phase of accumulation.
As of the latest metrics, XRP faced a minor slump of 2.06%, positioning it at $0.587, mirroring the broader crypto market’s trend.