XRP enthusiasts on Gemini can now do more with their cryptocurrency holdings on the exchange, with the introduction of XRP perpetual contracts. This long-awaited announcement follows a strategic social media campaign that fueled speculation within the XRP community.
While some are disappointed that the news fell short of initial expectations, the launch marks a significant development for XRP trading on Gemini.
Before this unveiling, Gemini hinted at an impending XRP-related announcement through a series of cryptic posts on X. The exchange’s official account alluded to an upcoming development for the asset, sparking lively discussions and speculation among prominent figures within the XRP community.
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Some, like Crypto Eri (@sentosumosaba), a well-known community member, even ventured to guess a potential Gemini joint venture for an XRP exchange-traded fund (ETF) in Europe.
Adding to the intrigue, Gemini presented a riddle directly pointing towards XRP. Finally, the exchange shared the answer to the riddle, officially announcing the launch of XRP perpetual contracts. While this news bolsters XRP’s trading options on Gemini, it fell short of the heightened expectations established by the social media campaign.
Community Responses
Certain members of the XRP community expressed disappointment with the announcement, feeling it didn’t live up to the anticipation, with one user accusing Gemini of engagement farming. Others, however, view the launch of perpetual contracts as a positive step forward.
Prominent community personality Zach Rector (@ZachRector7) commented that the announcement highlights how exchanges primarily focus on capitalizing on the XRP community’s enthusiasm.
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— TimesTabloid (@TimesTabloid1) July 15, 2023
This sentiment echoes a similar situation last August when Bitstamp ignited excitement within the XRP community, only to unveil a lending program with a modest 2% APY, underwhelming eager investors.
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Despite the mixed reactions, the introduction of XRP perpetual contracts on Gemini presents undeniable benefits for traders. These contracts allow users to go beyond traditional spot trading by employing leverage, potentially amplifying gains and losses.
Additionally, the perpetual nature eliminates expiration dates, enabling traders to maintain their positions as long as they manage their margin requirements effectively.
However, it’s crucial to note that the Gemini Derivatives platform, where these perpetual contracts reside, is currently unavailable in the United States, the United Kingdom, and the European Union. This geographic restriction limits the accessibility of this new trading opportunity for a significant portion of the global XRP community.
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