In a significant development for the XRP ecosystem, the popular cryptocurrency exchange BIT has added XRP options to its trading platform. The inclusion of XRP options comes as more exchanges embrace the crypto asset following the noteworthy Ripple verdict.
BIT, a professional exchange specializing in options trading, announced the new development today in a blog post.
Launched in 2020, the exchange offers various services including perpetual contracts, futures contracts, and options products for BTC, ETH, ADA, TON, and LADYS. With this latest listing, XRP becomes the sixth cryptocurrency available for options trading on the BIT platform.
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Seizing the Ripple Verdict Momentum
Citing the landmark ruling on July 13, which established that XRP traded on exchanges does not qualify as securities, BIT expressed its enthusiasm about this milestone for Ripple.
The exchange emphasized that the verdict has generated increased interest and excitement in the XRP market. Consequently, BIT seized the opportunity to launch XRP options trading on its platform, recognizing the growing demand for XRP among crypto traders.
This substantial development not only enhances XRP’s visibility but also enables users to trade XRP options without needing to hold the underlying asset. OrBit Markets, an institutional liquidity provider specializing in options and structured derivatives in digital assets, will initially provide liquidity for this new offering.
Whales Resurface Amidst Price Volatility
Since the failed SEC lawsuit and the subsequent ruling by Judge Torres classifying XRP as a non-security, the crypto asset initially experienced a surge in price, becoming one of the standout stories of the summer. However, after briefly surpassing $0.83, the price plummeted back below $0.59 amidst market volatility.
On-chain analytics firm Santiment highlighted this price movement in its recent insights report, noting that whale activity has started to increase once again. This renewed activity could potentially signify long-awaited accumulation. At the time of writing, XRP was down 2% in the last 24 hours, trading at $0.587, reflecting the broader decline in the crypto market.
As XRP secures a prominent listing on the BIT exchange and whale activity resurfaces, the crypto community eagerly awaits further developments in the XRP market, which continues to capture attention and interest.
Read Also: Factors With Potential to Drive XRP from Under $1 to $50 Historic Price Level
Why is the XRP listing on BIT significant?
The XRP listing on BIT is significant for several reasons. It’s expected to increase XRP visibility and liquidity. BIT is a major exchange with a large user base, so the listing will make XRP more accessible to investors.
It also provides a new way for investors to trade XRP. Options trading allows investors to bet on the future price of XRP without having to own the underlying asset. This can be a more efficient way to trade XRP, especially for investors who are looking to hedge their bets.
Furthermore, It is a vote of confidence in XRP. The fact that BIT has listed XRP shows that the exchange believes in the long-term prospects of the asset.
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