- After days of teasing a new XRP product, Gemini has unveiled XRP perpetual contracts for traders worldwide.
- XRP prices have come under selling pressure amidst new developments in the SEC v Ripple case.
After days of teasing the XRP community with a new XRP product, U.S.-based cryptocurrency exchange Gemini has unveiled its latest offering. In an X post, the exchange confirmed it will begin offering XRP perpetual contracts to traders soon.
This comes just months after the exchange listed XRP tokens for trading following the token gaining legal clarity through a court ruling. Similarly, the company teased a new XRP product before finally announcing and commencing XRP spot trading on August 2023. Unlike several exchanges that were relisting the XRP token, this was the first time the exchange listed the digital asset.
Through XRP perpetual contracts, traders will be able to leverage XRP further exposing them to higher gains. Furthermore, they can hold their positions without any expiration date as long as they can cover their margin.
Riddle answer: XRP perpetual contracts
Coming soon to Gemini
Fund your account → https://t.co/Ap4YOQIyO3 pic.twitter.com/pPfJwDnGTk
— Gemini (@Gemini) January 23, 2024
With this new product, traders will have the potential to increase their gains by trading the contracts on the Gemini Derivatives platform. The company has however clarified that the platform is not available in the U.S., U.K., and the European Union.
XRP Investors Walking a Tight Rope
Despite the positive development, XRP continues to come under bearish pressure. At the time of press, the token is down by nearly 4% in the last 24 hours and is trading at $0.507. Following today’s drop, the token has extended its weekly loss by nearly 12%.
With new developments around the ongoing SEC v Ripple case, this historic case continues to influence the price of the token. As CNF recently reported earlier this month, the SEC filed a motion in the Southern District of New York, seeking to compel Ripple to disclose two distinct categories of documents.
#XRPCommunity #SECGov v. #Ripple #XRP @Ripple has filed a Motion for Extension of Time requesting an additional 2 days, until January 19th, to respond to the @SECGov’s Motion to Compel. pic.twitter.com/mAy7mPi4gw
— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) January 11, 2024
Law experts continue to predict a win for Ripple, either through an acceptable settlement or an outright win ruling in court.
Another key factor for the token is the launch of an XRP spot ETF. In a recent interview with Bloomberg Crypto, Steven McClurg, Valkyrie Investments Chief Investment Officer (CIO) expressed optimism about the future of spot XRP ETFs. When questioned about the potential for other spot products for different crypto assets, McClurg hinted at the likelihood of Ethereum and Ripple (XRP) ETFs being approved this year.
There has further been speculation that BlackRock which has already launched a Bitcoin ETF and filed for an Ether ETF will file for an XRP ETF. Speculation began when BlackRock CEO Larry Fink during a Fox Business interview made an elusive response of “I can’t talk about that!” when asked about XRP ETFs.
XRP investors are cautiously optimistic about all these developments and look forward to seeing the token revisit its all-time high of $3.40 reached 6 years ago.
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