Connect with us

Crypto World

XRP Sees Impressive Recovery Wick With Massive 37% Price Surge: Here’s Why

Published

on

XRP Sees Impressive Recovery Wick With Massive 37% Price Surge: Here's Why


Ripple’s token has also surpassed BNB in terms of market cap after its sublime surge.

It was just hours ago, less than a day, when we wrote about XRP’s spectacular collapse as the asset plummeted to $1.11 for the first time since before the US presidential elections at the end of 2024.

This meant that it had shed over 50% of its value in a month as it peaked at $2.40 on January 6. Oh, how the landscape in crypto can change in hours sometimes, not even days or weeks.

Advertisement

What happened with XRP’s price since that local low has been nothing short of amazing. There were some signs about a potential rebound, such as the plummeting RSI metric, but even the most vocal XRP bulls were probably surprised by the extent of the rally.

After all, the cross-border token skyrocketed by 37% in about 18 hours – going from the aforementioned low to $1.54 before it faced some resistance and now trades around $1.50. This still represents a 34% surge in less than a day.

Santiment also weighed in on the token’s performance. The analysts acknowledged XRP’s rise in terms of market cap as well, as it now sits above BNB as the fourth-largest crypto asset.

They blamed the massive price pump in the past several hours on the overall network stability and growing activity on the XRP Ledger. Moreover, they showcased a chart indicating that Ripple whales went on an accumulation spree, with almost 1,400 separate $100K+ whale transactions (the highest in four months).

Advertisement

You may also like:

The ETF behavior will also be interesting to compare, but we would need to verify the data at the end of the trading day in the US. Preliminary data on SoSoValue shows a minor net inflow even for yesterday, but there’s no official confirmation as of yet, which is rather surprising.

SPECIAL OFFER (Exclusive)

SECRET PARTNERSHIP BONUS for CryptoPotato readers: Use this link to register and unlock $1,500 in exclusive BingX Exchange rewards (limited time offer).

Advertisement

Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Crypto World

Coinbase Launches Perpetual Futures Contracts in Europe

Published

on

Coinbase Launches Perpetual Futures Contracts in Europe

Cryptocurrency exchange Coinbase has launched new futures offerings in Europe, expanding its push to give users access to both crypto and traditional market exposure through regulated products.

Coinbase said Monday the contracts are being rolled out to Coinbase Advanced users in 26 European countries, including Germany, France and the Netherlands, through its Markets in Financial Instruments Directive, or MiFID, entity.

The new lineup includes crypto futures tied to assets such as Bitcoin (BTC) and Solana (SOL), along with an equity-index product called the Mag7 + Crypto Equity Index Futures. Coinbase said that contract combines exposure to the so-called Magnificent Seven stocks of Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta and Tesla, with crypto-linked equities and BlackRock iShares exchange-traded funds tied to BTC and Ether (ETH).

Coinbase Mag7 + Crypto Equity Index composition. Source: Coinbase

The exchange said it has launched two types of cash-settled futures contracts, including perpetual-style futures with five-year expiries and dated contracts with specific monthly or quarterly expiries. Traders can access up to 10x leverage on select crypto-denominated contracts and equity indices and up to 5x leverage on other products, with fees as low as 0.02% per contract.

ESMA warns crypto perpetual derivatives may fall under CFD rules

The launch comes about two weeks after the European Securities and Markets Authority warned firms that many derivatives marketed as perpetual futures or perpetual contracts are likely to fall under existing national product intervention measures for contracts for difference (CFDs).

Advertisement

In a Feb. 24 statement, ESMA said products that meet the CFD definition are subject to leverage limits, mandatory risk warnings, margin close-out rules, negative balance protection and a ban on monetary and nonmonetary benefits. The regulator also told firms to identify, prevent or manage conflicts of interest tied to those offerings.

Coinbase also announced expanded access to its decentralized exchange (DEX) trading platform to 84 countries on Friday.

Related: Crypto exchanges gain as tokenized commodity market climbs to $7.7B

Coinbase doubles down on “everything exchange” ambitions

Coinbase called the derivatives rollout a “major step” in its ambition to build an “exchange for everything,” where users can trade all major global assets under a single platform.

Advertisement

“As regulatory clarity continues to mature across Europe and globally, we are looking forward to continuing to introduce new and expanded services,” Coinbase said in the announcement.

Other cryptocurrency exchanges that launched regulated perpetual contracts in Europe include One Trading, Kraken, Backpack and Gemini.

Cointelegraph reached out to Coinbase for comment, but had not received a response by publication.

Related: Binance completes $1B Bitcoin conversion for SAFU emergency fund

Advertisement