Today, BitMEX, one of the world’s top cryptocurrency exchanges, officially announced the addition of a new feature. Through a tweet, the exchange proudly announced the availability of new indefinite swap contracts for XRP tokens, especially the XRP/USD swap contract.
We at BitMEX are proud to announce that new indefinite swaps for the XRP token (XRPUSD) will commence on February 5, 2020 at 04:00 UTC.
This new product is not the first of its kind and will operate in a similar way to the Bitcoin futures trading that BitMEX has already established. However, the XRP contracts will have no expiration date. In fact, these contracts can run until the exchange itself ends. Each futures contract is worth $1, and users will need to pay a funding fee every 8 hours to maintain the contract.
With this feature, traders can now launch long or short contracts on XRP with up to 100x leverage. In short, traders are now very much able to back up their opinions with action, whereas some would no doubt shrink from the challenge.
BitMEX CEO Arthur Hayes made a public comment via Twitter.
Is it called Ripple, XRP, or shit? Who knows, who cares. It’s not worth zero, so now’s the time to trade it against USD on BitMEX. Boo-Yaka-sha!
In short, he explained, he doesn’t care if it’s called Ripple, XRP or Dingabalooga. According to Hayes, when it comes to pursuing profits, only one thing matters: the token itself has a non-zero value and you can use it through transactions or make a profit.
The cryptocurrency world has some heavyweights who could change the entire industry if they chose to use their influence.
One of them is BitMEX, which is one of the largest cryptocurrency exchanges in the world. As a testament to this, the volume of Bitcoin futures trading alone recently broke the $2 trillion mark. Considering these huge numbers, we should not take this new market lightly. The amount of money that can flow in this space is huge.
The XRP token itself also has some good news to deliver. Currently, it has a good chance of forming a “Wyckoff Spring” pattern, which indicates that the token’s price could see explosive growth. For this new trading pair, this means that there is the potential to make profits, as the token’s price will eventually turn positive.
XRP has always been a controversial coin. Hopefully, the future of this coin is promising. As the world becomes more and more accepting of cryptocurrencies, it is only a matter of time before it becomes mainstream.
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