CryptoCom Expands XRP Offering—83% Odds for ETF Approval

Quick overview

CryptoCom has launched a new XRP trading product for short-term trading as interest in the altcoin grows. This comes as XRP fans wait for the US Securities and Exchange Commission’s (SEC) decision on the long-awaited spot ETF.

The new product is strike options for XRP, where you can predict the price of XRP within a 20 minute window. For just $10 entry, you can bet if XRP’s price will go above a certain threshold during the contract’s life. These are high risk high reward and for fast paced market participants.

Key features:

• Early Exit Options: You can close positions early if the price moves in your favour before the contract ends.

• Regulatory Oversight: These strike options are regulated by the Commodity Futures Trading Commission (CFTC) so there’s an extra layer of market supervision.

• More Options: This follows the launch of similar options for Bitcoin and Ethereum, expanding CryptoCom’s offerings.

This isn’t CryptoCom’s first foray into short term XRP products. They launched “up-and-down” options in February which automatically close trades at preset profit or loss levels.

XRP ETF Approval Odds Go Up Despite Delays

While traders are loving new XRP products, eyes are on the spot ETF approval which could change the market landscape. According to prediction platform Polymarket, the odds of an XRP ETF approval have gone up to 83% from 70% last week.

• Current Situation: Several big players including Bitwise, CoinShares, Franklin Templeton and Grayscale are waiting for the SEC’s verdict.

• Timeline: Analysts expect October as the decision date, seeing the current delays as procedural not substantive.

• Market Impact: Despite regulatory delays, institutional interest is growing and that’s reflected in trading activity and product launches.

Institutional Interest in XRP Grows

XRP market is seeing a lot of institutional activity, reflecting overall confidence in the asset. CoinGape reports that Volatility Shares has launched the first XRP futures ETF on Nasdaq trading under the ticker XRPI.

And CME Group also joined the party, launching its own XRP futures contracts on May 19, giving traders more access to XRP on regulated platforms.With all this and the ETF decision and new products from exchanges like CryptoCom, the story is changing for XRP. XRP is currently at $2.30 on CoinMarketCap.

ABOUT THE AUTHOR See More

Arslan Butt

Lead Markets Analyst – Multi-Asset (FX, Commodities, Crypto)

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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