By
Mayowa Adebajo
May 13th, 2024
Despite markets are going down, XRP price remains stable. BitMEX has added USDXRP perpetual swaps to attract sophisticated users to its platform.
BitMEX is the largest exchange offering cryptocurrency derivatives, according to some outlets. Users will get one more trading opportunity on 5 February 2020, 04:00 OTC. The XRP swaps will be available, with the coins traded against USD with up to 50x leverage. It is said in the BitMEX announcement from 4 February 2020.
Per the announce:
“Symbol: XRPUSD
- Expiry Date: Perpetual
- Bitcoin Multiplier: 0.0002 XBT (20,000 Satoshis)
- XBT Contract Value: XRPUSD Price * Bitcoin Multiplier (20,000 Sat/$1)
- Underlying: .BXRP
- Max Leverage: 50x
- Funding Min/Max: -0.75% to 0.75%
- Session Interval: 8 hours”
Artur Hayes, the BitMEX CEO, is famous for his sense of humor. This time, he sparkled the public by comparing XRP to ‘dog shit’ on Twitter. Some crypto experts think that the CEO is ‘unhappy’ with the addition of this asset. However, it is simply a friendly gesture sent towards XRP. It means “I know how some people call your coin, and I’m not like that”, with a reversion trolling to tackle BTC maxis and similar public.
As per the reason why the coin is added to the platform, it’s because it is worth ‘more than zero’. Yes, that’s simple! Per his Twitter:
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
In the comments under that tweet, people already start the war regarding BTC’s delusional domination. The user @ripcurldog notes that the XRP ecosystem already serving hundreds of banks around the world. At the same time, Bitcoin maximalists keep waiting for the institutional money to ‘make them rich’.
Could this become a trigger for the price increase? When the XRP to USDT trading was announced on Binance, the XRP price went up 10% in just one day. The current technical data show that the resistance is at $0.26, and the next one is $0.27. In case the price won’t go up, the possible support level is $0.23-0.24.
What the Hell is Perpetual Swap?
The perpetual swaps are futures contracts with the expiry date being left open. The traders have to pay some funding fees for the opening of such a swap contract. The contract is exchanging currency swaps among short and long users, this ensures convergence between the true price and perpetual one.
When the perpetual price becomes greater than the market price, a fee goes from shorts to longs. When the perpetual price goes down, the longs are paying the shorts. Traders open unexpected positions while keeping the perpetual price almost similar to the spot price.