BIT cryptocurrency exchange has introduced XRP options trading following a partial legal victory for Ripple. This move comes as the exchange aims to meet the rising demand for expanding crypto derivatives.
BIT, a major cryptocurrency exchange known for its options trading, has introduced a new feature: options trading for XRP, the digital currency of the XRP Ledger. XRP now becomes the sixth token available for options trading on the BIT platform, joining other popular tokens like BTC, ETH, and ADA.
After a recent legal decision in July that favored Ripple, the company behind XRP, by dismissing some of the U.S. Securities and Exchange Commission’s claims against XRP’s classification as a security, XRP quickly regained popularity on exchanges. Its price surged by 70%, marking a significant victory for Ripple.
Capitalizing on this renewed interest in XRP, BIT has launched options trading for the cryptocurrency. To kickstart liquidity, OrBit Markets, a well-known provider of institutional liquidity for digital asset options, is supporting this initiative. This move allows XRP holders and investors to manage their risks more effectively within their portfolios.
BIT’s Global Head of Institutional Sales, Justin Buitendam, expressed his pride in making XRP options trading available to both institutional and retail traders. He aims to introduce this product to traders and investors around the world.
What Makes XRP Options Trading Beneficial?
Investors can now engage with cryptocurrencies like XRP in a cost-effective and low-risk way through cryptocurrency options trading. This method is gaining popularity as it allows traders to manage their exposure to digital assets and speculate on their future values.
BIT’s platform enables users to trade XRP options without owning the actual assets, as the trading is in USD. This simplifies tracking profits and losses and offers advanced risk management and fund efficiency tools.
This move showcases the growing maturity of the crypto community and recognition of XRP’s potential. It aims to boost confidence in XRP, which is currently trading at $0.5859 with a minor decline.
The XRP rate has established support around $0.5906 on the hourly chart. If the bar closes near $0.60, a rebound to $0.61 can be expected.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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