Bitnomial Set to Introduce XRP Future Contracts, Hinting at the Arrival of XRP ETF
Bitnomial Exchange has submitted plans to the CFTC to launch XRP/USD futures contracts, denoted as XUS, which are physically settled and margin-based. Each contract reflects the value of 100,000 units of XRP. The exchange’s self-certification with the CFTC indicates compliance with regulations and standards, allowing the listing of these contracts without prior CFTC approval.
Bitnomial XRP Future Contracts
The introduction of XRP futures contracts by Bitnomial is a significant development that could enhance accessibility and liquidity in the market for Ripple’s native cryptocurrency. This offers traders a new opportunity to speculate on XRP’s price movements, potentially attracting institutional interest.
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Additionally, the announcement of futures listing has sparked speculation about the possibility of a potential XRP ETF, following the legal clarity of XRP as a non-security. There are indications that regulated futures contracts are a prerequisite for a potential XRP ETF.
Market Trends and Price Action
In recent news, the total amount of XRP tokens held in accounts has surpassed 60 billion, amounting to over $34 billion at current rates. The conclusion of the legal case between Ripple and the US SEC has also had an impact on the market, with anticipation of a potential spot ETF launch upon positive resolution. However, uncertainty remains regarding a possible SEC appeal.
In the event of an appeal by the SEC, XRP could drop to its July 5, 2024, low of $0.3814. Conversely, if the SEC decides against an appeal, XRP could rise to its July 13, 2023, high of $0.9327. As of Tuesday, August 13, XRP closed at $0.5777 after a 2.91% gain on Monday and is currently trading at $0.58.
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Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.
