BitMEX Welcomes XRP with Open Arms
In an electrifying twist, BitMEX, the titan of crypto derivatives, announced on February 3 that it will now support XRP for perpetual swaps against the U.S. dollar. Sounds exciting, right? Well, not so fast. The enthusiasm surrounding this announcement seems to have faded faster than a New Year’s resolution.
XRP’s Brief Moment of Glory
Initially, the crypto world saw XRP’s value spike by a commendable 11% following the launch announcement. But don’t get too comfortable—by the next day, the price was shedding gains like a bad haircut. Currently, XRP trades around $0.25, marking a modest 7% increase from last week. It’s like finally getting a promotion that nobody actually cares about.
Trends and Tribulations
This recent activity is just another chapter in XRP’s saggy saga, which has been wandering in the desolate plains of low prices since hitting a dismal $0.18 in December. Despite Ripple’s efforts—like trying to get a cat to fetch—XRP is proving more resilient than a three-legged chair at a family reunion.
Ripple: The Master of Controversy
Ripple CEO Brad Garlinghouse keeps the controversy alive, claiming Ripple has no control over XRP, yet simultaneously promises to prevent others from easily acquiring it. It’s the classic case of ‘You can’t have your cake and eat it too!’ Meanwhile, 200 million XRP tokens (worth $50.3 million) were transferred from Ripple’s escrow to its control on February 4. No one said keeping a secret was easy!
The Sceptical Voices
BitMEX CEO Arthur Hayes added his two cents on the matter with a rather colorful tweet, “Is it called Ripple, XRP, or dogshit? Who knows, who cares.” And honestly, can anyone provide a coherent answer? Hayes’ comments echo sentiments from U.S. exchange Kraken CEO, Jesse Powell, who pondered the same question back in 2018. Their confusion only underscores the tangled web of XRP’s identity.
As anticipation builds for the perpetual swap orders to open on February 5, one must wonder: Is this the dawn of a new era for XRP or just another day in relatively ho-hum altcoin land? Stay tuned, folks!
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