- BitMEX, which is one of the most popular platforms for Bitcoin trading, has announced trading for a new product “XRP/USD perpetual swap contract”.
- BitMEX is still unclear how trading with the XRP/USD contracts is going to affect the price of XRP.
BitMEX, which is one of the most popular platforms for Bitcoin trading, has announced trading for a new product. Now, it offers XRP/USD perpetual swap contract, and the announcement was made on Twitter on 4 February 2019. The new trading option will be available from 5 February 2019, starting at 0400 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
XRP/USD contract is worth $1, and it will be available for trading without any specific expiration date. Still, the users trading on this contract would need to part with a funding fee after eight hours. The platform would let users deal on long or short XRP using a hundred times maximum leverage.
A comment made by CEO, Arthur Hayes became a matter of debate. He tweeted, saying that “Is it called Ripple, XRP, or dogshit? Who knows, who cares. It’s worth more than zero, so it’s time to trade the USD pair on BitMEX. Boo-Yaka-sha!”
Bitmex is still one of the major players in the cryptocurrency futures market. The platform has been very influential when it comes to determining the price of Bitcoin over the years.
However, it is still unclear how trading with the XRP/USD contracts is going to affect the price of XRP. At the moment, 1 XRP is going for $0.2516 after coming down from $0.26.
This year XRP has seen an increase in popularity when it comes to contracts. Earlier this month, Binance Futures launched an XPR/Tether (USDT) contract, which offers a leverage of up to 75 times.