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TL;DR
- Deribit is set to introduce linear options for XRP, SOL, and MATIC in January, focusing on European markets and enhancing its derivatives trading.
- Despite price volatility, XRP continues to be a favored option for transactions, with institutions like HSBC permitting its use.
- In light of its legal successes against the US SEC, XRP may be poised for a bull run, as suggested by ChatGPT.
Adopting XRP and Other Cryptocurrencies
The prominent cryptocurrency exchange, Deribit, has revealed plans to introduce linear options for Ripple (XRP), Solana (SOL), and Polygon (MATIC). The announcement was made via X (Twitter), where the company also expressed its intention to seek a brokerage license within the European Union (EU).
In a recent discussion, Deribit’s CCO Luuk Strijers indicated that the new offerings are expected to launch in January, characterizing the European market as “the best environment to launch new products.”
Trading volumes for crypto derivatives have decreased considerably from their peak, affected by the falling prices of many digital assets and the prevailing uncertainty in the market. Richard Galvin, Co-Founder of Digital Asset Capital Management, noted that introducing more options involving alternative coins (beyond just ETH) could be advantageous for cryptocurrency exchanges.
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Earlier this year, Deribit introduced a zero-fee spot trading platform with a focus on derivatives. Strijers elaborated on this initiative and its objectives:
“That’s why we do it for free, not because we don’t like the potential revenues, but because we aim to generate revenue primarily through derivatives trading.”
XRP Maintains Popularity Despite Price Consolidation
The native token of Ripple may not be in optimal condition (given the price drop following the surge in July), yet it retains its popularity. Notably, several major companies and financial institutions, including HSBC, have allowed eligible clients to settle their mortgage payments and loans using various cryptocurrencies, including XRP.
Last week, the asset was the most trending token in the entire market after Ripple achieved a second consecutive victory against its significant opponent – the US SEC.
ChatGPT suggests that a significant win in the upcoming trial next year, along with other factors, could propel XRP towards a new bull run. Those interested in exploring how high the asset might rise in the event of such a rally can view our video below:
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