- CFTC Greenlit Bitnomial’s Application, Enabling It to Offer Options and Margined Futures Alongside Other Major Exchanges.
- XRP Trading Volumes and Open Interest Levels to Be Published Daily, Bolstering Transparency and Market Oversight.
Chicago-based cryptocurrency derivatives exchange Bitnomial is poised to debut USD cash-settled futures contracts for XRP under the ticker “XUS”. Scheduled for launch after August 13, this initiative marks a pivotal development for XRP in the derivatives market.
Bitnomial to launch a #XRP USD Futures – "XUS" !
They notifed the Commodity Futures Trading Commission (CFTC) on this initial listing.
Intend to trade after August 13th! pic.twitter.com/FDwu0WE5D7
— Vet 🏴☠️ (@Vet_X0) August 13, 2024
Bitnomial recently informed the Commodity Futures Trading Commission (CFTC) of its plan, emphasizing the product’s readiness for trading on its electronic platform. These futures contracts, which will be cleared through a CFTC-registered derivatives clearing organization, aim to provide traders with a new tool for managing exposure to XRP’s price movements.
The exchange highlighted XRP’s established presence in various domestic and international markets, suggesting that the likelihood of market manipulation is low. This assertion supports the robustness of the trading environment that Bitnomial intends to foster.
Daily updates on trading volumes and open interest levels will be provided, offering transparency and ongoing insights into market dynamics.
In December, Bitnomial received CFTC approval to operate as a Derivatives Clearing Organization (DCO). This approval was significant as it allowed the exchange to offer both options and margined futures. Despite some concerns regarding potential conflicts of interest, which led to a dissenting vote from one commissioner, Bitnomial has moved forward with its offerings.
Previously, in 2020, Bitnomial was authorized to list futures and options, joining the ranks of established players like CME, Cboe, and Bakkt.
🚨 Ripple CEO Brad Garlinghouse says "#XRP is the Next Bitcoin." on Bloomberg TV,
Now, imagine if @TokenCTF on the XRP Ledger achieved just half of XRP's market cap—its price could skyrocket from $0.60 to a staggering $748.50 per token! That’s nearly $1,000,000 for every $1,000… pic.twitter.com/yzGi7ja4A0
— JackTheRippler ©️ (@RippleXrpie) August 13, 2024
Ripple CEO Brad Garlinghouse has been vocal about the inevitability of an XRP-based exchange-traded product in the U.S., aligning with broader industry expectations.
Why XRP Could Reach $8
The analyst did not specify the factors driving his optimistic forecast, which left room for speculation among the crypto community.
$XRP with a very crazy clean wick off this trendline.
Setting up some very bullish looking ideas if held pic.twitter.com/xYStrkjiF3— Lucky Chart Ape (@luckychartape) January 4, 2024
A commenter attempted to rationalize the prediction by noting that XRP often experiences substantial price increases at the end of bull markets, potentially mirroring or even surpassing Ethereum’s market capitalization.
Historical performance supports this observation. During the late stages of the 2016/2017 bull market, XRP underwent a rapid price increase.
It escalated from approximately $0.24 in December 2017 to a peak of $3.84 by January 4, 2018, briefly overtaking Ethereum in terms of market cap. Proponents of this asset now hope that XRP could replicate this dramatic rise, aiming for the $8 target as suggested by Lucky Chart Ape.
Skepticism Surrounds the $8 Claim
Despite the excitement some community members feel, others remain skeptical of ETHNews sudden bullish stance on XRP, especially considering his previous analyses. Historically, the analyst has been conservative regarding XRP’s market performance, seldom projecting substantial growth, and previously estimating a peak at only $1.3 during Bitcoin’s bull run.
The introduction of regulated futures contracts by Bitnomial could be a critical precursor to the launch of an XRP ETF in the United States. According to ETF analyst Nate Geraci, such regulated products are essential for generating substantial ETF interest in any altcoin.
