Will XRP Price Gain Momentum Following New Exchange Listing?
Reports indicate that XRP, Ripple’s native currency, is now listed on the BIT cryptocurrency exchange. This move follows the latest court verdict favoring Ripple.
BIT Exchange Welcomes XRP Options Trading
BIT, the leading exchange popular for its options trading feature, announced the listing of XRP on its platform, marking a significant milestone for Ripple. Founded in 2020, BIT offers various services, including futures contracts, perpetual contracts, and options trading for cryptocurrencies, such as ADA, BTC, TON, ETH, and LADYS.
XRP’s addition is the sixth cryptocurrency available for options trading on BIT and proves the growing demand for this digital asset. This development is one of the consequences of last month’s groundbreaking court ruling, which clarified that XRP traded on exchanges does not qualify as securities.
BIT exchange’s launch of XRP options trading on its platform underscores the increasing interest and enthusiasm surrounding XRP from many crypto traders and investors. This step enhances XRP’s visibility and allows users to trade XRP options without holding the asset directly.
The announcement further revealed that OrBit Markets, a reputable institutional liquidity provider specializing in options and structured digital asset derivatives, will contribute to the XRP options market on the BIT platform to facilitate initial liquidity. After overcoming the SEC’s lawsuit and gaining non-security status, Ripple’s native token surged in value.
While it briefly reached above $0.83, the price experienced a subsequent dip, dropping to the $0.59 price range. This price volatility has been tracked by on-chain analytics firm Santiment, highlighting the resurgence of whale activity in the XRP market, potentially signaling a period of accumulation.
SBI VC Trade’s Innovative Coin-Lending Program
Meanwhile, SBI VC Trade, the crypto lending arm of the SBI Group, has rolled out a coin-lending recruitment program centered around XRP and other notable cryptocurrencies. The program aims to encourage the Japanese crypto community to lend their XRP holdings for potential profits.
The structure of the SBI VC Trade’s coin-lending initiative indicates that it is more suitable for long-term crypto holders. Participants in the program can lend their XRP and other selected cryptocurrencies to SBI VC Trade.
In return, they will receive usage or rental fees based on the specific tokens lent and the duration of the lending arrangement. While SBI VC Trade provides lending services for over 18 cryptocurrencies, the current service focuses on five prominent crypto assets: Bitcoin (BTC), XRP, DOGE, the DAI stablecoin, and Stellar Lumens (XLM).
The application window for participation is still open at the time of writing but will close on August 31. The lending period will extend until September 28.
It’s worth noting that a nominal tax of 0.1% applies to all lendable digital assets. Meanwhile, this is not the first time SBI VC Trade has launched a product featuring XRP.
Previously, the platform organized an XRP festival to boost XRP’s presence in Japan. The festival encompassed spot and futures markets and contract-for-difference (CFD) trading, allowing participants to win up to 100 XRP through XRP-based leveraged trading.
Current Coingecko data shows that XRP is down 20.1% in the last seven days and 14% in the last day and trades at $0.505. Meanwhile, the US SEC has stated that it would appeal Ripple’s victory soon.
However, the blockchain firm’s legal advisers are confident that the higher court will uphold the latest court ruling.
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