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.
Is it called Ripple, XRP, or dogshit? Who knows, who cares. It’s worth more than zero so it’s time to trade the USD pair on BitMEX. Boo-Yaka-sha! https://t.co/pa3T5vd5kl
— Arthur Hayes (@CryptoHayes) February 4, 2020
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.
— The Wolf Of All Streets (@scottmelker) February 4, 2020
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.