BitMEX Adds XRP/USD Perpetual Swap Contract

Today, one of the worlds top cryptocurrency exchanges, BitMEX, has officially announced a new feature to be added. Through a Twitter post, the exchange expressed its pride in the announcement of the new perpetual swap contract it’s made available for the XRP token, the XRP/USD swap contract in particular.

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 (@BitMEX) February 4, 2020

Indefinite Swaps With 100x Leverage

This new product isn’t the first of its kind, though, and will operate much like BitMEX’s already established Bitcoin Futures swap. The XRP contracts, however, will not have an expiration date. In fact, these contracts can operate indefinitely until the end of the exchange itself. Each of these futures contracts is worth a single USD, and users are mandated to pay a funding fee every eight hours in order to maintain it.

With this, traders will now be capable of pushing out long or short contracts of XRP, with leverage capable of being up to 100x. In short, traders are now very capable of putting their money where their mouths are, and some will undoubtedly back down from the challenge.

Potential To Make Money Clear As Day

Arthur Hayes, the CEO of the exchange in question, gave a public comment via twitter.

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! https://t.co/pa3T5vd5kl

— Arthur Hayes (@CryptoHayes) February 4, 2020

In short, he explained that he didn’t care if it was named Ripple, XRP, or Dingabalooga. According to Hayes, only one thing matters when you’re trading for profit: The token itself is worth more than zero, and you can use or gain money through its trading.

The crypto world has a fair few heavyweights, those that can shift the industry should they choose to leverage their reach. BitMEX stands as one of those heavyweights, being one of the biggest exchanges the world has to offer for cryptocurrencies. As a testament to this, the trading volumes for Bitcoin futures trading alone has smashed through the $2 trillion mark quite recently. With these massive numbers to hold into consideration, one shouldn’t take the new market lightly. There’s a lot of money that can flow through that niche.

Possible Bullrush

XRP has a bit of good news to deliver itself. Right now, there’s a good chance that it will form the “Wyckoff Spring” pattern, heralding a possible explosion in the price for the coin. What this means for the new trading pair is a potential profit to be gained as the currency finally goes positive.

XRP has always been a controversial coin. With any luck, the future is bright for the currency. With the world slowly accepting crypto more and more, it’s only a matter of time before it becomes mainstream.