The Poloniex cryptocurrency exchange, renowned for its long-standing presence in the industry, has recently introduced a new addition to its trading offerings – perpetual contracts for XRP. This development signifies the growing recognition and acceptance of XRP within the crypto market as it finds a place on a platform with a rich history in the digital asset space. Poloniex recently made an official announcement via Twitter regarding including a perpetual contract for XRP, which is margined with USDT.
According to the official announcement, Poloniex Futures will introduce the USDT-margined XRP perpetual contract on November 9, 2023, commencing at 10:00 a.m. They coordinated Universal Time (UTC).
The market for $XRP Perpetual Futures is now open for trade!
— Poloniex Exchange (@Poloniex) November 9, 2023
The XRP/USDT perpetual contract, which is margined in USDT, will provide leverage options ranging from 1x to 20x. This contract will be available for trading in both cross-margin and isolated-margin modes.
In a recent announcement, Coinbase, a prominent cryptocurrency exchange based in the United States, unveiled the introduction of perpetual futures contracts. Now available to advanced customers on the Coinbase platform, these contracts encompass various cryptocurrencies, including XRP. It is important to note that these offerings are exclusively accessible to customers in eligible non-U.S. jurisdictions.
XRP has experienced a notable surge in its listing presence after obtaining regulatory certainty following a significant legal decision in July about the Ripple lawsuit. This pivotal ruling established that the XRP tokens traded on cryptocurrency exchanges do not fall under the securities classification.
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Price Movement of XRP
The price of XRP initiated a significant upward movement, commencing from the $0.47 mark in October. As a result of bullish momentum, the asset’s cost experienced an upward surge, surpassing the resistance levels at $0.50 and $0.63. The XRP cryptocurrency experienced a significant rise in value, coinciding with a bullish golden cross pattern on its daily charts.
On November 6, the XRP cryptocurrency successfully surpassed the resistance level of $0.67. However, the bullish momentum was hindered when attempting to breach the subsequent barrier at $0.74. Currently, XRP has been subject to profit-taking, resulting in a decline of 0.85% within the past 24 hours, with its value reaching $0.684.
In light of the ongoing profit-taking activity, it is evident that buyers are consistently drawn towards lower price levels.
If the price of XRP is above $0.63, consider an increased likelihood of a potential retest of $0.74. Based on the current market conditions and price trends, it is plausible to anticipate that XRP has the potential to ascend beyond its present level and potentially achieve a price point of $0.85 shortly. Furthermore, XRP could further appreciate and ultimately reach the milestone of $1. However, this projection is subject to various market dynamics and should be interpreted cautiously.
If the price of XRP declines below the threshold of $0.63, it would suggest a potential waning of the bullish momentum, potentially leading to a subsequent descent towards the level of $0.60.
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