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Ripple Price Skyrockets With 15% Gains On Binance’s Launch of Perpetual Swap Contracts For XRP
Ripple price (XRPUSD) has surged considerably yesterday, spiked from the day lows of 0.19391 to the day highs of 0.22391 levels. Thereby, the pair has gained about 15% in a single day. What drives such a vigorous bullish rallies? Well, the upswings are owing to the constructive news that Binance Futures has launched perpetual futures contracts for XRP.
Ripple has constantly been making abuzz with the constructive underlying fundamental factors that can have lucrative prospects in the days to come. Ripple's blockchain platform, has recently announced that it has intended to expand its venture in South American region. Especially with Brazilian and Mexican banks for the people engaged in remittance market. And, the demand for remittance market by 2020 for instant and cheap solutions in this region grows rapidly.
‘XRP’ that is driven by Ripple announced, in the recent past, that it has invested in Bitso, which is happens to be Mexico's largest cryptocurrency brokers, with an objective of expanding operations in Latin America region with a prime concentration on emerging economies like Brazil and Argentina and that too exclusively into remittance space.
Ripple's raised a mammoth $200 million through Series C funding round earlier this month, while the CEO of Ripple, Mr. Brad Garlinghouse, foresees the firm's client base is likely to grow 30-40% and transaction volume to surge over 600% in 2020.
Of late, it’s been observed that quite a few reputed exchanges have been introducing the trading facility for perpetual swap contracts.
Bitmex has originally introduced Perpetual Swaps in the recent past, which is a derivative product that were instrumental for trading like Future contracts but without any expiry or settlement. The facility supports BTC, EOS, BCH, BSV, ETH, and XRP contracts.
The financial market director of OKEx, Lennix Lai, said “we welcome clients from different segments, especially from our institutional clients, who have shown the fastest-growing demand in derivatives trading, especially on futures and perpetual swap”.
For now, the launch of Binance’s XRP/USDT contract drives the renowned exchange’s 3rd perpetual swap in a row that happen to be a liquid trading avenue for the derivatives contracts coupled with the high leverage derivatives.