- BitMEX enhances the user experience with free conversions to over 30 cryptocurrencies and frictionless transactions through the addition of XRP for spot trading.
- A legal dispute heats up amid forecasts of XRP’s big market breakout as Ripple gets ready to respond to the SEC’s impending brief.
A well-known cryptocurrency exchange, BitMEX, has added XRP for spot trading to its list of trading options. Through the March 20th, 04:00 UTC launch of the XRP/USDT trading pair, users can now deposit, trade, and withdraw XRP directly on the exchange.
So, the purpose of this new innovation is to improve the trading experience for BitMEX users by offering smooth transactions and navigation on desktop and mobile devices. Additionally, the site allows traders to convert XRP into over 30 different cryptocurrencies.
Now Live on BitMEX Spot?
➡️ $XRP (@Ripple)
➡️ $ATOM (@cosmos)
…sometimes with a 70% discount 😎Users can now deposit, convert, and trade XRP and ATOM – including 30+ other tokens.
More details ⬇️https://t.co/B8keHFDcCz
— BitMEX (@BitMEX) March 20, 2024
Ripple vs. SEC: A Legal Showdown Looms
Coinciding with Ripple Labs continuing legal battle with the U.S. Securities and Exchange Commission (SEC), is the timing of XRP’s debut on BitMEX. On March 22, a pivotal day in the litigation, the SEC is scheduled to make a substantial opening statement about the remedies.
The lawsuit, which has captured the attention of the cryptocurrency community, concerns whether U.S. regulations classify transactions made through Ripple’s On-Demand Liquidity (ODL) service as securities.
As the court case moves further, Ripple is getting ready to submit its counter-rebuttal on April 22, and the SEC will respond by May 6, as ETHNews had earlier detailed
Following the filing of the complaint and the SEC’s discovery, this phase is crucial for summarizing the upcoming legal strategies and supporting materials, particularly those pertaining to Ripple’s institutional sales agreements. To explore more details about this development, you can watch the following YouTube video:
Market Watch: Captain Faibik Predicts Price Breakout
With a tweet indicating a big price shift for XRP, cryptocurrency researcher Captain Faibik sparked speculation among these legal and operational changes.
$XRP is on the verge of Massive Symmetrical Triangle Breakout on the Weekly TF Chart..📈
Midterm Target : $2.50 🔜#Crypto #XRP #XRPUSDT #XRPArmy pic.twitter.com/pUD7rJ8Qah
— Captain Faibik (@CryptoFaibik) March 18, 2024
On XRP’s weekly chart, Captain Faibik drew attention to a Symmetrical Triangle pattern that was developing. This pattern is frequently linked to trend continuation.
Investors and traders are closely observing this development in the hopes that the anticipated breakthrough will result in substantial market gains and that the analyst’s suggested $2.50 mid-term target will be reached.
Meanwhile, the XRP price appeared to try to recover in the last 24 hours, rising 0.56% to $0.5952. This reflects a slump of more than 12% in the past week. XRP is currently the 6th largest cryptocurrency by market cap.