CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • DeFi & NFT
  • Buy
  • Language
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • DeFi & NFT News
  • Bitcoin Price Analysis
  • CryptoPotato Crypto Fund
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • bitcoin
    BTC$27,222.00
  • ethereum
    ETH$1,904.52
    • Market Updates
    • BTC Analysis
    • ETH Analysis
    • XRP Analysis
    • Interviews
    • Opinions
    CryptoPotato
    CryptoPotato
    • Crypto News
    • Margin Trading
    • Guides
      • Bitcoin & Crypto Guides 101
      • Bitcoin For Beginners
      • Editorials
    • DeFi & NFT
    • Buy
    • Language
    • Crypto News
    • Bitcoin For Beginners
    • Cryptocurrency Guides 101
    • Editorials
    • Bitcoin & Crypto Margin Trading
    • DeFi & NFT News
    • Bitcoin Price Analysis
    • CryptoPotato Crypto Fund
    • Ethereum (ETH) Price Analysis
    • Ripple (XRP) Price Analysis
    • Market Updates
    • Interviews
    • Buy Bitcoin with Card
    Home » Crypto News » BitMEX CEO Calls Ripple Dogshit And Adds XRP Perpetual Swap Contracts To BitMEX Tomorrow

    BitMEX CEO Calls Ripple Dogshit And Adds XRP Perpetual Swap Contracts To BitMEX Tomorrow

    Author: Jordan Lyanchev

    Last Updated Feb 4, 2020 @ 09:58

    The largest cryptocurrency derivatives exchange, BitMEX, is launching a new perpetual swap contract pair to its platform. Starting tomorrow, users will be able to trade Ripple (XRP) token against the USD, with leverage.

    XRP/USD Perpetual Swap Now On BitMEX

    The most popular Bitcoin margin trading exchange confirmed the news regarding XRP’s addition. The company will be adding a new perpetual swap on the XRP token (XRP/USD). Trading will begin at 4 AM UTC on February 5th, 2020.

    A perpetual swap contract works as a futures contract without a specified date in the future when the contract has to be settled. Generally, users have to pay funding fees when they trade such contracts, which is the case with XRP/USD on BitMEX Exchange, as well.

    The official announcement is coming a month after the company had initiated trading for XRP perpetual contracts on BitMEX Testnet.

    From a technical standpoint, the website explains that the XRP/USD perpetual contract will be priced on the BXRP Index, which tracks Ripple’s price every minute.

    ADVERTISEMENT

    Interestingly enough, BitMEX CEO Arthur Hayes didn’t appear too excited about the news:

    “Is it called Ripple, XRP, or dogshit? Who knows, who cares. It’s worth more than zero, so it’s time to trade the USD pair on BitMEX. Boo-Yaka-sha!” – he noted on his personal Twitter account.

    arthur_hayes
    BitMEX CEO Arthur Hayes. Photo by: Arthur Hayes

    XRP Price Action To Come?

    Historically, similar news has affected the price of the asset, and Ripple itself is a prime example. Earlier this year, Binance Futures introduced XRP/USDT perpetual contract, and its price surged 10% during that day.

    However, when BitMEX added ETH/USD perpetual swaps on August 2nd, 2018, Ethereum immediately deviated from Bitcoin, plunging against its value.

    Ethereum/Bitcoin Price Reaction On BitMEX
    Ethereum/Bitcoin Price Reaction On BitMEX After ETH/USD Swap. Chart by TradingView. Source

     

    Of course, adding a new perpetual swap contract doesn’t necessarily mean that it’s the sole reason for such a serious deviation. However, having a leveraged trading pair on a leading exchange might deliver a short term price effect on both sides.

    In any case, it would be compelling to follow if there will be any distinct effect on Ripple’s price when XRP/USD perpetual swap goes online tomorrow on BitMEX’s platform. Looking at the technicals for XRP, the first resistance is at $0.26, followed by $0.274. If the price is to reverse downwards, $0.245, and $0.234 serve as significant support levels.

    SPECIAL OFFER (Sponsored)
    Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

    PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.

    You Might Also Like:

    • bitmex
      BitMEX to Launch EOS, LINK, XTZ, and ADA 'Quanto' Futures Contracts Soon
    • bitmex_cover
      BitMEX Appoints a New Chief Compliance Officer With AML Background
    • BitMEXPrison
      BitMEX CTO Samuel Reed Released On A $5 Million Appearence Bond
    Tags: BitMEX Ripple
    Enjoy reading? Share with your friends
    Facebook Twitter LinkedIn Telegram

    About The Author

    Jordan Lyanchev
    More posts by this author

    Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017 and now serves as CryptoPotato's Assistant Editor-in-Chief. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn

  • bitcoin
    BTC$27,222.00
  • ethereum
    ETH$1,904.52
  • Join Our Community

    FacebookTwitter YouTubeTelegram


    Editorials
    The Weaknesses of Ethereum VS Modern Blockchains: Interview With Radix

    The Weaknesses of Ethereum VS Modern Blockchains: Interview With Radix

    Institutions Intend to Buy Bitcoin in Late 2023: Interview With CryptoQuant

    Institutions Intend to Buy Bitcoin in Late 2023: Interview With CryptoQuant

    Why Didn’t ETH Dump After Shanghai? Interview With Nansen

    Why Didn’t ETH Dump After Shanghai? Interview With Nansen

    What is PEPE Coin? Is This the Next Huge Memecoin?

    What is PEPE Coin? Is This the Next Huge Memecoin?

    What is the Ethereum Shanghai (Shapella) Upgrade? Everything You Need to Know

    What is the Ethereum Shanghai (Shapella) Upgrade? Everything You Need to Know

    15 Months Later, What Changed Since November 2021? Interview With Phantom Wallet CEO

    15 Months Later, What Changed Since November 2021? Interview With Phantom Wallet CEO

    Artificial Intelligence & Crypto Guide: Here Are the Top 5 AI Coins

    Artificial Intelligence & Crypto Guide: Here Are the Top 5 AI Coins

    Join Our Newsletter
    Become a CryptoPotato VIP
    One Weekly Email Can Change Your Crypto Life.
    Sign-up FREE to receive our extended weekly market update and coin analysis report
    We NEVER send spam. You can unsubscribe at any time.
    Invalid email address
    Thanks for subscribing!
    Footer Logo
    About
    Advertise on CryptoPotato
    About Us | Contact Us | Careers
    Editorial Policy
    Terms of service | Privacy Policy | GDPR
    More Sections
    IEO List | Evaluations
    Airdrops
    Scholarship
    Disclaimer
    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
    © Copyright CryptoPotato 2016 - 2021
    Scroll to top
    One Weekly Email Can Change Your Crypto Life.

    Sign-up FREE to receive our extended weekly market update and coin analysis report

    We never send SPAM. You can unsubscribe at any moment
    Invalid email address
    Thanks for subscribing!