Author Osaemezu Ogwu is a cryptocurrency journalist with several years of experience in the crypto-verse.
Just recently BitMEX has launched XRPUSD swaps. At the very beginning Ripple’s XRP price hasn’t reacted, staying stable. However, now XRP seems to be climbing up.
The third-largest cryptocurrency by market cap XRP is now supported for perpetual swaps with the United States Dollar on the crypto derivatives exchange, BitMEX. The XRP price at first failed to react positively. It stayed at the same level. However, now the situation has changed. The price seems to be climbing up.
BitMEX confirmed its support for controversial altcoin XRP in a tweet on February 3, authenticating the earlier notion that the crypto derivative giant will be supporting the altcoin in a perpetual swap against the United States Dollar.
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.
— BitMEX (@BitMEXdotcom) February 4, 2020
XRP Achieves Minimal Gains
Despite the monstrous campaign by supporters to put XRP in the good light of major exchanges like BitMEX, data from major statistics proves that the interest in the token is minimal. Or at least not very high.
The XRP/USD managed to jump over 9% at the time of writing, only to retrogress tremendously and lost almost half of all of its gain later in the day. Now it is trading at around $0.27 but some experts have doubts about whether this bullish momentum will continue.
The slow pace recorded by XRP is just the latest sequence in a pattern for XRP, which has been dragging ever since it hit its all-time low of $0.18 in December. Despite its low pace and minimal gains, market analysts are of the opinion that 2020 will be a very good year for XRP.
Coinspeaker has reported recently that although the price is somewhat staggering at the moment, the trajectory is good and the price will jump later in the year.
According to a tweet from GalaxyBTC, XRP will say goodbye to the 750 days of the bear market and will begin to pump. If the XRP does break the line, there is a very good chance an impressive bull run could begin in the next few weeks. The XRP optimists even argued further that the change has already begun, due to its earlier effort in December.
One of the biggest moves Ripple made in 2019 was the partnership with MoneyGram. The exchange invested $50 million into the multinational payment company in 2 stages. This step is expected to contribute a lot to the further adoption of XRP.
The deal means that Ripple will control a 10% stake in MoneyGram. Apart from the monetary aspect, MoneyGram is also using Ripple’s XRP-powered On-Demand Utility (ODL) to handle cross- border transactions.
Moreover, Ripple has announced a new partnership with Intermex to ensure seamless payments between the U.S. and Mexico.