Crypto derivatives exchange Bitnomial has launched Ripple XRP futures regulated by the US Commodities Futures Trading Commission (CFTC).
Bitnomial's Launch of XRP Futures
The Chicago-based firm Bitnomial announced the launch of CFTC-regulated Ripple XRP futures today. Clients can access the product through its Futures Commission Merchants (FCM) partners such as RJ O’Brien, Marex Global, or Bitnomial Clearing.
Legal Shifts and the Impact of Lawsuit Withdrawal
The launch coincided with the SEC's decision to drop its lawsuit against Ripple regarding XRP status. This has paved the way for new developments surrounding the token. Previously, Bitnomial faced SEC objections when attempting to launch its XRP futures.
Market Reaction and XRP's Prospects
Following the news of the lawsuit withdrawal, XRP surged in price. The likelihood of XRP securing an ETF approval has also increased significantly. Ripple CEO Brad Garlinghouse acknowledged the presence of 11 XRP ETF applications awaiting approval. The broader crypto market felt positive effects as well.
Bitnomial's launch of XRP futures and positive legal developments around the token have significantly impacted the crypto market, opening new possibilities for participants.
