Ripple Surges 10% As Binance Futures Adds XRP/USDT Perpetual Contracts

Binance was on a roll in 2019, and it doesn’t appear to stop this year with new features on its platforms. The company recently announced that it will add XRP/USDT as a new perpetual contract trading pair, and the leverage will be up to 75x. At the same time, the price of the third-largest cryptocurrency surges with over 9% in the last 24 hours.

Binance Futures Adds XRP/USDT

The Maltese-based popular exchange Binance, announced earlier today the addition of the newest trading pair on its Futures platform. XRP/USDT will be the forth perpetual contract that Binance Futures offers to its clients, next to Bitcoin, Ethereum, and Bitcoin Cash. With the latest addition, all users will be able to choose the leverage they want, starting from a minimum of 1x to a maximum of 75x.

As with any other perpetual contract on Binance Futures, XRP/USDT will be following the same set of rules. The prices on all trading pairs are reportedly similar to the spot market and are settled in the same manner.

According to Binance’s contract specifications, the liquidation fee for XRP/USDT will be 0.5%, and the minimum granularity is 0.1 contract units.

It’s also worth noting that the company recently made a strategic partnership with the popular derivatives exchange FTX, in which the latter was set to assist Binance in providing more liquidity and institutional product offerings to its clients. The overall trading volume on Binance Futures is also continuously on the rise and appears to be closing down the gap with the most popular futures exchanges in the market.

XRP On The Move

As it generally happens when similar news is shared to the public, the price of the asset reacts notably. This case is no different, and after weeks of predominantly negative moves, XRP is well in the green today.

The third-largest cryptocurrency surges from $0.196 to the current trading price of $0.215 in a matter of hours. This records an almost 10% increase, leading XRP’s total market capitalization to over $9.2 B.

XRP/USDT. Binance 1h. Source: TradingView
XRP/USDT. Binance 1h. Source: TradingView

At the moment of this writing, Ripple’s price appears to have broken all the previous resistance lines at, firstly, at $0.20, and then at $0.212. If the positive move upwards is to continue, XRP would have to break another significant line at $0.225.

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