- The Coinbase advanced customers can now trade Bitcoin, Ether, Litecoin, and XRP perpetual contracts that will be settled in Circle USDC stablecoins at a small taker fee of about 0.03 percent.
- The crypto exchange announced that XRP perpetual contracts will be offered up to 3X leverage while the rest will come in up to 5X leverage as the company prepares to add more contracts in the coming months.
Coinbase Global, a leading cryptocurrency exchange that is publicly traded in the United States and valued at about $18.37 billion, has announced that eligible customers from non-US jurisdictions can begin trading perpetual futures on its advanced platform.
According to the announcement, Coinbase Advanced customers from the selected jurisdictions will access perpetual futures on four digital assets including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Ripple-backed (XRP).
Notably, the cryptocurrency exchange will offer the perpetual futures contract with a zero percent maker introductory fee and 0.03 percent taker.
The eligible Coinbase Advanced customers can access up to 5X leverage on Bitcoin, Ethereum, and Litecoin while XRP’s perpetual future contracts will offer up to 3X leverage. All the perpetual futures contracts offered on Coinbase Advanced will be settled in Circle’s USDC, a highly liquid stablecoin backed by the US dollar with a market capitalization of about $25.4 billion. Coinbase noted.
With the launch of perpetual futures, Coinbase Advanced customers can now access both our highly liquid spot markets and derivatives in one integrated, secure, and easy-to-use interface. In addition, they can unlock new strategies with powerful tools like advanced order types, TradingView charts, and APIs to automate trading.
What the Coinbase Perpetual Futures Means for XRP Market
The launch of Coinbase perpetual futures comes at a time when the XRP price has struggled to the YTD’s upward momentum. According to our latest market data, XRP price exchanged around 48 cents on Thursday, down approximately, 1.5 percent in the past 24 hours. The launch of XRP perpetual is a major milestone that could unlock more liquidity and trading volume from different markets amid the mainstream adoption of digital assets.
Moreover, the Coinbase Advanced perpetual futures are well capitalized through the company’s insurance fund and the liquidity support program that is funded in USDC.
Major milestone https://t.co/4fNmCczl36
— Brian Armstrong 🛡️ (@brian_armstrong) October 19, 2023
Essentially, the launch of the XRP perpetual futures is expected to give crypto investors more confidence in the Ripple-backed projects that intend to solve cross-border payments through the use of blockchain technology.
Furthermore, Coinbase has given XRP significant support since Judge Analisa ruled in the summary judgment that the SEC did not prove that Ripple engaged in securities offers through centralized exchanges, Notably, Coinbase quickly relisted XRP for derivatives trading, which has significantly increased the instrument’s overall trading volume and liquidity.
As a result, it is only a matter of time after the XRP demand outweighs the supply as more products are launched in different markets. From a technical standpoint, XRP price is well positioned to rally towards its ATH after next year’s Bitcoin halving.
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