Bitnomial Exchange to Offer XRP Futures Contracts, ETF Speculations Intensify

In a significant development for XRP, a major exchange announces plans to launch the crypto's future contracts.

Major crypto exchange Bitnomial has announced plans to launch XRP futures contracts, a development that could significantly boost the accessibility and liquidity of Ripple’s native crypto in the market.

According to a recent filing with the Commodity Futures Trading Commission (CFTC), Bitnomial Exchange has self-certified and introduced XRP/USD futures contracts, with trading expected to commence today. These contracts, known as XUS, will be physically settled and margin-based, reflecting the value of 100,000 units of XRP.

The exchange highlighted in its filing that XRP is already being traded on several domestic and foreign markets, making market manipulation unlikely.

“The Exchange has independently reviewed and ensured the new contracts’ compliance with all relevant regulations and standards, allowing them to list without prior CFTC approval,” the filing reads.

This development comes as a crucial step in boosting XRP’s accessibility and liquidity in the market. By offering futures contracts, Bitnomial is providing traders with a new avenue to speculate on the crypto’s price movements, which could draw more institutional interest.

notably, 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.

“For those asking about an ETF for a certain altcoin, a regulated futures contract is a must before ETF buzz. Now you know,” ETF Speculations Intensify!

Prominent ETF Analyst, Nate Geraci took to Twitter to share his thoughts on the matter,暗示 that certain altcoins need to have regulated futures contracts before being considered for an ETF.

Meanwhile, 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.

“As of August 12, 2024, there are 60,033,344,913 XRP (all tokens) in XRPL accounts. At current rates, that’s $34,196,554,644,” XRPL Services stated.

The conclusion of the legal case between Ripple and the US SEC has also 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.

According to legal experts, if the SEC decides to appeal the verdict, XRP could drop to its July 5, 2024, low of $0.3814. 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.

The above is the detailed content of Bitnomial Exchange to Offer XRP Futures Contracts, ETF Speculations Intensify. For more information, please follow other related articles on the PHP Chinese website!