• BIT Exchange has listed XRP on its Options trading platform.
• The listing complements positive sentiments driving the price of XRP overall.

Options trading-inclined cryptocurrency exchange BIT has integrated XRP trading on its platform following Ripple’s partial victory in the lawsuit with the United States Securities and Exchange Commission (SEC). With the latest development, XRP is now the 6th asset that can be traded as an option product in BIT. Other assets in this category are Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Toncoin (TON), and Milady memecoin (LADYS).

XRP options trading is an advanced trading instrument that allows investors to engage with digital assets in a manner that is undoubtedly cost-effective and low-risk. Though not so popular in the nascent cryptocurrency industry, it is a fast-increasing sector in the trading market for digital assets.

Justin Buitendam, the Global Head of Institutional Sales at BIT is proud to have his company become one of the pioneers that have made XRP trading accessible to both institutional and retail investors. BIT will offer both long and short options simultaneously. Popular institutional liquidity provider for crypto options and structured derivatives OrBIT Market is charged with facilitating the initial liquidity for the offering.

BIT’S strategic move will play a crucial role in providing XRP traders with another advanced means to manage and mitigate risks within their portfolios. They also get to speculate on future prices and manage their exposure to crypto. Ordinarily, BIT has a sophisticated risk management and fund efficiency feature that protects users, giving prospective XRP trader a fair bet.

Also, users would not need to hold the underlying assets before they can trade XRP options as the BIT platform is designed for USD-denominated and settled trading. Buitendam anticipates a broader adoption of the product once it is introduced to a global audience of traders and investors.

Ripple Ruling Impact on XRP Ecosystem 

Noteworthy, the 1-month-old partial victory pronounced by Judge Analisa Torres when she ruled that XRP is not security, has undeniably boosted the interest of investors in the token. The ruling at the time pushed the price of XRP by more than 70% and rekindled a new level of confidence in the token. Additionally, several mainstream crypto exchanges are now relisting the coin, adding to the brewing positive sentiment.  

About one month after the SEC levied enforcement action against Ripple in December 2020, American cryptocurrency exchange Coinbase delisted XRP. Following Judge Torres’s dismissal of the U.S. SEC’s claim against XRP’s classification as a security, Coinbase, and Kraken made an official announcement stating that XRP has been relisted on their respective platforms.

Winklevoss brothers’ Gemini Exchange relisted the XRP cryptocurrency on its platform a few days ago, enabling the trading of the coin against the fiat pairs of USD, GBP, and EUR. Gemini also mentioned that it is supporting the XRP Ledger blockchain. All of these relistings suggest a growing optimism and enthusiasm for XRP.

Earlier this week, it was rumored that the government of New Zealand intends to leverage the XRP Ledger to launch its Central Bank Digital Currency (CBDC). According to reports, the nation is already in talks with Ripple.

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