Will XRP Be Dumped? BitMEX to Launch XRPUSD Perpetual Contracts with 50X leverage


  • Traders get to long or short XRP on popular crypto derivatives exchange BitMEX
  • “Is it called Ripple, XRP, or dogshit? Who knows, who cares,” – BitMEX CEO Arthur Hayes

Popular crypto derivatives exchange BitMEX is all set to launch the perpetual swap of XRP/USD starting Feb. 5 announced the exchange earlier today. This means, now users can long or short XRP. The exchange tweeted,

“We at BitMEX are proud to announce that trading of a new perpetual swap on the XRP token (XRPUSD) will begin at 0400 UTC on 5 February 2020.”

A few hours after this, BitMEX CEO Arthur Hayes took to Twitter to share that it has finally been time to trade the third-largest digital asset by market cap on the exchange as it isn’t worth zero. And if, “Is it called Ripple, XRP, or dogshit? Who knows, who cares,” said Hayes.

Seychelles-based derivatives exchange currently supports Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Cardano (ADA), and EOS.

BitMEX offers leverage of up to 100x on Bitcoin perpetual swap. But on XRP/USD perpetual contracts, they are offering a leverage of up to 50x.

According to the website, BitMEX is offering two types of XRP derivatives products for traders. The first one is in the form of XRP/USD and the second one XRP/XBT. However, the exchange only accepts Bitcoin as collateral meaning margin, profit, and loss must be paid or received in BTC.

But the market now is concerned that XRP is going to be shorted and dumped.

“Dump it Arthur,” commented investor and trader Josh Rager on XRP perpetual contracts launch.

“Remember xrp lol,” is what trader Moon Overlord had to say while analyst DonAlt wrote, “Time for the Xrp will be a 0.01 digit shitcoin tweet so I know what to target.”

XRP is currently trading at $0.249, down by 0.46% in the past 24 hours after surging to $0.257 today. However, trader Scott Melker believes the digital asset is still looking good.

Now, it’s to be seen if XRP will be moving higher or the launch of its perpetual contacts on BitMEX will take it again lower just like ETH/USD did when the exchange launched its perpetual contract in August 2018.

Ripple (XRP) Live Price

1 XRP/USD =$0.2464 change ~ 2.46%

Coin Market Cap

$10.67 Billion

24 Hour Volume

$186.84 Million

24 Hour VWAP

$0

24 Hour Change

$0.01

Get Daily Headlines

Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

What to Know More?

Join Our Telegram Group to Receive Live Updates on The Latest Blockchain & Crypto News From Your Favorite Projects

Join Our Telegram

Stay Up to Date!

Join us on Twitter to Get The Latest Trading Signals, Blockchain News, and Daily Communication with Crypto Users!

Join Our Twitter

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry, you must be logged in to post a comment.
Bitcoin Exchange Guide