- Gemini launches XRP perpetual contracts in Europe with up to 100x leverage for traders.
- New USDC-based XRP Perpetuals carry high risk, offering long or short positions with no expiry.
- Product expansion driven by rising XRP derivatives activity and strong global market demand.
Gemini, a US-based crypto exchange founded by twin brothers Tyler and Cameron Winklevoss, has launched XRP Perpetuals for its European clients. This is in collaboration with their subsidiary, Intergalactic EU Artemis Ltd, a company registered in Malta that is regulated by the Malta Financial Services Authority (MFSA). This is Gemini’s first offering of leveraged products within the European Union market.
Up to 100x Leverage and No Expiration
So, with this new form of XRP perpetual contract, one is capable of positioning or placing a bet either on an upside or downside movement of a particular asset with a leverage of a massive 100x. This new form of contract is based on USDC and does not have an expiry date for closure, as is usually the norm in futures positions.
Gemini explained that such leveraged investment products have a high-risk factor involved. In fact, although such investment products have high profit-making capabilities, large price fluctuations may easily cause liquidation.
XRP Demand Drives Product Expansion
This is happening at a time when XRP is distinguishing itself in the crypto market. Statistics from CoinGlass indicate that it holds a total of $13.18 billion in derivative volume and $3.35 billion in open interest, making it one of the most actively involved digital assets globally.
For Gemini, its offering of access to XRP is part of a strategy of allowing users to have a means of accessing leading currencies within a regulated framework as defined by the EU. āCertain regional limitations apply to meet local regulatory standards,ā it explained.
At the time of writing, XRP is trading at $2.31. The price is up 4.07% over the last 24 hours as interest continues to grow.
Also Read | Gemini Exchange Seeks CFTC Approval to Launch Prediction Market Contracts: Report
XRP Loses Strength as Bears Take Control
In the current analysis, the value of RSI for XRP is 39.00, and it is lacking strength as it is near an oversold reading. The lines of the MA Ribbon indicators at 2.75, 2.73, and 2.57 form a resistance pattern that holds it back from breaching its crucial average levels.
The MACD line at -0.04421 is lower than its signal line at -0.11898, supporting a bearish trend. The bearish histogram further spread sell market sentiments as a weakening momentum is seen. Unless a positive MACD is seen soon, it is likely that a lower support of around 1.70 is tested by XRP.
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