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Poloniex Launches XRP Perpetual Contracts at 20x

Poloniex Launches XRP Perpetual Contracts with 20x Leverage

128 Listen to this article Poloniex, one of the oldest cryptocurrency exchanges globally, has recently added XRP perpetual contracts to […]

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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.

Read Also: Crypto Leverage Surges with XRP Leading the Altcoin Rally

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.

Read Also: Cardano (ADA) Eyes 2,448% Increase to $6 per This Price Prediction

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.

Read Also:  HSBC Partners to Accept SHIB, XRP Payments

Read Also: Best Crypto Presale To Buy Now in 2023

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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