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Poloniex, one of the oldest cryptocurrency exchanges globally, has recently added XRP perpetual contracts to its platform. The exchange made the announcement via Twitter, revealing the launch of a USDT-margined XRP perpetual contract scheduled for November 9, 2023, at 10:00 a.m.
Contract Details
The newly listed perpetual contract, XRP/USDT, will provide users with leverage options ranging from 1x to 20x, and it will be supported in both cross-margin and isolated-margin modes.
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Industry Trends
This move follows last month’s announcement by Coinbase, a leading U.S. cryptocurrency exchange, about the introduction of perpetual futures, including XRP, for advanced customers in eligible non-U.S. jurisdictions.
Regulatory Clarity
XRP has been gaining traction in the market, securing new listings, particularly after a significant regulatory development in July. The ruling in the Ripple lawsuit clarified that XRP sold on crypto exchanges is not considered securities.
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Price Action and Market Analysis
XRP Rally: XRP initiated a substantial rally starting from the $0.47 level in October, propelling the price above key resistance levels at $0.50 and $0.63. Notably, the surge coincided with the formation of a bullish golden cross on the daily charts.
Recent Developments: On November 6, XRP successfully breached the $0.67 resistance level but faced resistance at $0.74. Despite a brief pullback, XRP is currently experiencing profit-taking, with a 0.85% decline in the last 24 hours, bringing the price to $0.684.
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Market Outlook
Support Levels: Despite the recent profit-taking, there is evident support for XRP at levels above $0.63. Maintaining this level could potentially lead to a retest of $0.74 and further advances to $0.85 and ultimately $1.
Downside Risks: However, a drop below $0.63 would signal a potential weakening of the bullish momentum, with the risk of XRP falling to $0.60. Traders and investors are closely monitoring these key levels to gauge the future direction of XRP’s price movement.
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