Key Insights
- XRP Events Contract to go live on Crypto(dot)com Exchange.
- XRP price soared over 11% intraday with a trading volume jump over 46%.
Crypto(dot)com exchange will introduce the XRP Crypto Event Contract for trading operations on February 14th.
The XRP Crypto Event Contract launch provides dual advantages to the Crypto(dot)com exchange and generates useful applications for XRP users.
Amidst the derivatives launch, XRP price saw demand surge and gained fresh bullish momentum.
At press time, XRP price was trading at $2.70, noting a rise of over 11.20% in the past 24 hours. The trading volume jumped over 46% and the market cap soared to $156.33 Billion, ranked 3rd in the crypto market.
Under these bullish conditions, analysts predict XRP could reach the $3 price benchmark. The strong market demand for XRP by Crypto(dot)com users underpins this projection.
Key Insights: Contract Specifications and Market Structure
The XRP Crypto Event Contract introduced groundbreaking trading features that enhance market operations. The launch has left multiple market-makers buzzing with excitement.
The plan is to generate nine strike levels for the XRP Event Contract. Furthermore, the offering will have a settlement payout range from $10 to $100.
In the meantime, Crypto(dot)com has at least one market maker willing to provide liquidity for the XRP Crypto Event Contract.
This launch will allow traders to use strategic positions in various market conditions simultaneously. The revolutionary trading schemes enable access to multiple market opportunities.
CDNA controls everything through Regulation 40.2(a) of the Commodity Exchange Act. It is worth noting that the XRP Crypto Event Contract is quite similar to the BTC and ETH Crypto Event Contracts.
The system enables multiple institutional traders to explore new trading mechanisms through proper regulatory oversight across different market segments.
XRP Whale Activity Spikes: What’s Going On?
In the past few hours, Ripple made a massive move, transferring 300 million XRP worth $778.7 Million to an unknown wallet.
During the same period, the trading volume surged over 45%, suggesting higher participation from traders and investors.
This significant transfer to wallet could result in a significant price rally and may push price beyond the $3 barrier.
Additionally, when whales transfer massive amounts to their wallets, it implies an intention to actively buy.
XRP Price Prediction: Major Rally Incoming?
In the 4-hour timeframe, XRP price was on the edge of the resistance zone of $2.80 and capped inside an ascending triangle pattern.
Once it crosses beyond the horizontal neckline of $2.80, it could retest the sellers liquidity zone of $3.20 in the coming sessions.
Moreover, based on historical price action, introducing an Event Contract gives traders the leverage to speculate on the potential price movement of the underlying asset, under a regulated framework.
With increased liquidity and trading volume, XRP community members will likely see a massive price rally.
The immediate support zone of the trendline was around $2.20-$2.0. Until the zone defended by the bulls, XRP price continued to trade within the bullish trajectory.
Nadia Kamal is a dynamic journalist with a specialization in financial technology and crypto markets. Her articles are known for breaking down complex subjects into accessible insights for everyday readers. Nadia’s work has been featured in multiple high-profile publications, earning her recognition from both industry insiders and major brands.