BitMex presents to the public a new perpetual exchange contract, for the third largest cryptocurrency by market capitalization; Ripple (XRP). While the price of the cryptocurrency is in a small bull run.
The new financial crypto tool presented by BitMex has the English name of “Perpetual Swap Contract ”. That basically works like a futures contract; with the difference that there is no specific date of expiration of the contract.
Bitmex and Ripple
In a recent post on your official Twitter account; BitMex, one of the largest and most important crypto exchanges in the cryptoverse; He announced that he is more than ready to launch his “perpetuals on XRP.”
This contract will be built in a pair with the US dollar and will be available today (February 5) at 4:00 UTC, which is at 12:00 in Venezuela 🇻🇪 or 11 AM in Buenos Aires 🇦🇷.
For his part, the CEO of Bitmex; Arthur Hayes, revealed that this type of new contracts within the crypto exchange is a response to high demand, and levels of interest that XRP crypto investors have demonstrated in recent times.
It doesn’t matter if it’s called Ripple, or Dog Poop, who knows? Who cares?. The important thing is that it is worth more than 0; and it’s time to be assigned a pair with USD within BitMex.
The perpetual XRP / USD contract will present a leverage of up to 50x, and any margin earned will be instantly canceled in BTC on the wallets of BitMex customers.
In addition, according to BitMerx, traders can go Long or Short, using Bitcoin as a guarantee.
Does the price of XRP react?
Once the good news is known, the price of Ripple reacts immediately, presenting a small bull Run that has moved the price of each XRP from $ 0.25 to $ 0.274.
But, many crypto expert analysts do not want to count the eggs before birth. Well, despite this recent upward trend, it seems that the exhaustion after the news is coming quickly; which may indicate an ongoing correction process.
Moving above the resistance level could set the stage for an additional advance at $ 0.30. But, in the last hours its price has receded.
In this volatile world of cryptocurrencies; Only time will tell if the launch of BitMEX’s XRP / USD perpetual contracts could benefit or hurt the price of the third largest cryptocurrency of all.
Economics student of the UCV. Defender of individual freedoms and of course also of the market and cryptocurrencies.