OKEx Exchange Opens Margin Trading For Ripple Coin XRP/BTC and Litecoin LTC/BTC
OKEx has announced via Twitter that the crypto exchange will not start to offer two new trading pairs that will be open for margin trading. The pairs are Bitcoin/Ripple’s XRP (BTC/XRP) and Bitcoin/Litecoin (BTC/LTC). Trading starts for users today, November 6., 7:00 UTC.
In case you are not completely familiar with margin trading, this type of trading is not done with the assets of the client. They put buy and sell orders using loans from brokers or from purchase stocks that boost the purchasing power of the investor.
NEW MARGIN TRADING PAIRS: To meet the public demand, we will open the margin trading pairs XRP/BTC and LTC/BTC from 08:00 Nov 6, 2018 (CET).#OKExAnnouncementhttps://t.co/dVvGvRZXZb
— OKEx (@OKEx) November 6, 2018
The company was quick to state that margin trading can lead to bigger profits but also bigger risks so people should be very careful in considering their options before they actually start using these new margin trading options because they may end up losing too much money.
XRP Starts With A Small Bullish Sentiment
The announcement was made in a good time for investing in Ripple’s token. XRP has been somewhat bullish in the last few days and it was up 13% today. The main reasons for this short bull run are that xRapid, the main tool used by Ripple for remittance of money, was becoming more efficient and more widely adopted within the industry.
SendFriend, closely associated with the MIT, and the SBI Group will start to use Ripple’s services soon, so the bullish run might be happening because of this change in the industry. Also, XRP is being used for a project of the R3 Consortium as announced by its CEO Yoshitaka Kitao.
In fact, the whole market is going up. The market has reached $215 billion USD, the biggest in a long time, with Bitcoin trading over $6,400 USD, not a big value, but more than it recently was, in any case. Ethereum has also retained most of its price despite still being in a low level.
With the fall of Ethereum in recent months, Ripple is aiming to take the second place out of ETH and there is a small but real change that this may happen in the future as ETH is just $600,000 USD in the market cap away.
Stellar and Cardano are seeing small gains but are still up while Tron and Zcash are more stable. WAX is another token that is well with a 9% gain, while MaidSafeCoin is 6% up and the biggest losers are Polymath which is down almost 8% and Ravencoin and Chainlink, both down 6%.
At the time of this report, a single XRP was worth $0.53 USD and the token had a market cap of $21.5 billion USD.