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BIT, a leading cryptocurrency exchange specializing in options trading, has unveiled its latest offering—options trading for XRP, the native token of the decentralized XRP Ledger (XRPL). XRP now joins the ranks of BTC, ETH, ADA, TON, and LADYS as the sixth token available for options trading on the BIT platform.
XRP On Demand After Ripple’s Partial Victory
Following a recent court ruling on July 13 that favored Ripple by dismissing some of the U.S. Securities Exchange Commission’s (SEC) claims against XRP’s classification as a security, mainstream exchanges quickly relisted XRP. The resulting price surge of 70% injected fresh optimism and interest into the XRP market, signifying a pivotal victory for Ripple.
Seizing on the growing enthusiasm for XRP, BIT has seized the opportunity by launching options trading for the cryptocurrency. OrBit Markets, a notable institutional liquidity provider for digital asset options and structured derivatives, is facilitating the initial liquidity for this endeavor. This move empowers XRP holders and investors with an additional avenue to manage and mitigate risks within their portfolios.
BIT’s Global Head of Institutional Sales, Justin Buitendam, expressed pride in becoming one of the pioneers to make XRP options trading accessible to both institutional and retail traders, offering long and short options simultaneously. He anticipates introducing this product to a global audience of traders and investors.
Also Read: XRP Lawyer Says Filing Lawsuit Against Ripple’s Brad Garlinghouse Is Costing SEC
Why Are XRP Options Trading A Good Thing?
Investors can engage with cryptocurrencies in a comparatively cost-effective and low-risk manner through the trading of cryptocurrency options, including options on digital assets. This trading route places it as a fast-increasing sector in the trading market for digital assets since it enables traders to manage their exposure to digital assets and bet on their future values.
Because the BIT platform is intended for USD-denominated and settled trading, users can trade XRP options without having to hold the underlying assets. The use of USD for profit and loss computations simplifies performance measurement and return assessment for users. The platform of BIT also has sophisticated risk management and fund efficiency features.
The decision to integrate XRP options trading shows the cryptocurrency community’s rising maturity and the acknowledgment of XRP’s potential within this dynamic landscape as BIT expands its options products to meet the market’s growing interest in crypto derivatives.
This move hopes to regain the bulls for the XRP token. XRP is trading at $0.5859, with more than a 2% decrease in the last 24 hours. The XRP rate has set the local support level around $0.5906 on the hourly chart. One can anticipate a rebound to the $0.61 level tomorrow if the bar closes in or near the $0.60 region.
Also Read: BinanceUS’ Protective Order Against US SEC Referred To Magistrate Judge, What’s Next?
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