Poloniex, one of the longstanding names in the crypto exchange space, has introduced a new trading option for crypto enthusiasts by listing XRP futures. The exchange recently took to Twitter to announce the addition of a USDT-margined XRP perpetual contract to its platform. Scheduled for launch on November 9, 2023, at 10:00 a.m. (UTC), this move offers traders the flexibility of leveraging their positions from 1x to 20x.
XRP Futures Gain Traction Amid Exchange Expansion
The newly listed perpetual contract, known as XRP/USDT, will be available in both cross-margin and isolated-margin modes. This expansion of trading options aligns with the broader trend in the crypto market, where major exchanges, including Coinbase, have been introducing perpetual futures for various cryptocurrencies, including XRP. Coinbase’s move, like Poloniex’s, primarily targets advanced customers in specific non-U.S. jurisdictions.
This development is particularly noteworthy given XRP’s journey in recent months. The cryptocurrency has been gaining traction on exchanges following a landmark ruling in July during the Ripple lawsuit. The court clarified that XRP transactions on crypto platforms do not fall under the classification of securities. Since then, XRP has seen increased adoption and regulatory acceptance, leading to its listing on more platforms.
XRP Price Action and Potential Market Scenarios
Examining XRP’s recent price movements, the cryptocurrency initiated a substantial upward trend from the $0.47 level in October. This bullish momentum allowed XRP to surpass critical resistance levels at $0.50 and $0.63. The uptrend was further supported by the formation of a bullish golden cross on the daily charts. On November 6, XRP successfully breached the $0.67 resistance; however, it faced resistance at $0.74, resulting in a minor pullback.
As of the latest update, XRP is experiencing a slight decline of 0.85% in the past 24 hours, settling at $0.684. Despite this short-term profit-taking, there appears to be ongoing interest from buyers, particularly around the $0.63 level. Sustaining a position above $0.63 could signal a potential retest of $0.74 and open the door to higher levels such as $0.85 and $1. Conversely, a drop below $0.63 might indicate a temporary reduction in bullish momentum, potentially leading to a retreat to $0.60.
Conclusion
In conclusion, Poloniex’s decision to list XRP futures adds another layer of opportunity for traders looking to engage with this popular cryptocurrency. As the market responds to this latest listing, traders will be monitoring key support and resistance levels for potential market movements. Stay tuned for further updates on XRP’s performance in the wake of this significant development on Poloniex.
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