Ripple’s XRP is booming at the start of the new year, suddenly spiking by 8% on January 6. In the past few days, the coin started showing signs of a revival, and has now returned to $0.21.
Futures Market Announcement Boosts Price Performance
XRP has been pressured by its protracted slide, and has fallen almost every time the Ripple escrow account released new coins. But now, the asset looks like it’s switching to a new trend, as the latest tranche in late December did not shrink the price further. Here are the chief reasons why the Ripple asset is rising.
1. Binance Launches XRP Futures Trading
The triggering event for the latest price climb seems to have come from Binance’s announcement of an XRP futures market. This new form of speculative trading would make it possible to bet on price swings without settling for the underlying asset. A futures market may also be more liquid, and lack the danger of whales dumping on the spot market.
#Binance Futures Launches $XRP / $USDT Perpetual Contract With Up to 75x