The post Bitnomial To Launch XRP Future Contracts, XRP ETF Drawing Near? appeared first on Coinpedia Fintech News
In a significant development for XRP, a major exchange announces plans to launch the crypto’s future contracts.
Bitnomial Exchange has officially informed the CFTC of its plans to introduce XRP/USD futures contracts, with trading expected to commence today. Known as XUS, these contracts will be physically settled and margin-based, reflecting the value of 100,000 units of the crypto.
The exchange has noted that XRP is already being traded on several domestic and foreign markets, which is why market manipulation is unlikely.
Bitnomial To Offer XRP Futures Contracts
The exchange’s self-certification with the CFTC indicates that it has independently reviewed and ensured the new contracts’ compliance with all relevant regulations and standards. Additionally, it ensures allowing them to list without prior CFTC approval.
This development would prove to be a crucial step in boosting Ripple’s native crypto’s accessibility and liquidity in the market. Bitnomial, by offering futures contracts, is providing traders with a new avenue to speculate on the crypto’s price movements, which could draw more institutional interest.
ETF Speculations Intensify!
Moreover, this announcement of futures listing has also sparked the possibility of a potential XRP ETF. Many market observers speculate that an ETF could be on the horizon, given the legal clarity surrounding XRP as a non-security.
A prominent ETF Analyst, Nate Geraci also explained that regulated futures contracts are a must for a certain altcoin before ETF buzz.
XRP Continues Making Headlines, Reaches An Important Milestone
XRP has recently reached an important adoption milestone. According to XRPL Services, the total amount of XRP tokens held in accounts exceeded 60 billion, equaling over $34 billion calculated at current rates. The over 60 billion tokens held in accounts include all coins currently stored in wallets, whether in circulation or not.
Will SEC Appeal?
Also, the conclusion of the legal case between Ripple and the US SEC has been a crucial moment for XRP. This ruling has boosted confidence in the potential spot ETF launch, which could open up new investment opportunities. However, uncertainty about a possible SEC appeal prevails.
XRP could drop to its July 5, 2024, low of $0.3814 in case of an appeal. Contrarily, if the SEC decides against an appeal, XRP could jump to its July 13, 2023, high of $0.9327. On Tuesday, August 13, XRP gained 1.55%, closing at $0.5777 after a 2.91% rally on Monday. XRP is currently trading at $0.58.
