BIT, a prominent cryptocurrency options exchange, has introduced XRP options trading, marking a pivotal moment in the platform’s evolution. OrBit Markets, a leading institutional liquidity provider, is furnishing the initial liquidity for this new venture. This move comes in the wake of Ripple’s token, XRP’s resurgence, facilitated by favorable legal developments and growing mainstream acceptance.
XRP, the native token of the energy-efficient and decentralized XRP Ledger, is now the sixth token available for options trading on BIT. Previously, options trading was exclusively available for BTC, ETH, ADA, TON, and LADYS.
The revival of Ripple’s token can be attributed to a significant legal victory where a court dismissed a portion of the U.S. Securities Exchange Commission’s claims that Ripple’s token should be categorized as a security. This verdict prompted major exchanges like Coinbase and Kraken to relist the token, catalyzing a 70% surge in its value.
BIT’s decision to introduce XRP options trading reflects the growing demand for cryptocurrency derivatives. BIT’s trading platform offers several advantages, such as the ability to trade Ripple’s token options without owning the underlying assets. Additionally, all profits and losses are denominated in USD, simplifying performance evaluation.
The platform employs advanced risk management tools, including a portfolio margin system that assesses risk exposure at the portfolio level and a unified margin system that maximizes capital efficiency.
XRP’s Integration Gains Momentum
Recently, BitPay, a renowned crypto payment provider, has declared full global support for XRP. This announcement comes on the heels of the legal clarity obtained by Ripple in its dispute with the SEC, confirming Ripple’s token’s non-security status. As a result, BitPay users worldwide can seamlessly use Ripple’s token for purchases, storage, and swaps.
Although XRP’s resurgence has sparked interest among retail and institutional investors alike, recent reports indicate that institutional investors have consistently poured funds into Ripple’s token for the 16th consecutive week. CoinShares, a digital assets investment firm, revealed that XRP products’ assets under management have surged by 127% in 2023 alone.
Nevertheless, Ripple’s token’s growing influence in the cryptocurrency landscape is reshaping the dynamics of the industry as it integrates seamlessly into trading platforms and payment services. Both institutional and retail players are embracing its immense potential.
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