Bitnomial is set to launch XRP futures on March 20 after withdrawing its lawsuit against the SEC and receiving CFTC approval, resulting in a 5% price increase.
Bitnomial Secures CFTC Approval, Ends SEC Dispute
Bitnomial has announced the withdrawal of its lawsuit against the SEC, allowing the launch of XRP futures contracts following CFTC approval. CEO Luke Hoersten expressed confidence: "We're pleased to announce that Bitnomial will be withdrawing our lawsuit against the SEC. This paves the way for us to move forward with launching XRP futures contracts tomorrow, as approved by the CFTC." This marks a new chapter for XRP derivatives in the U.S., with regulatory approval potentially enticing more market participants.
XRP Price Surge Following Industry Milestone
The XRP market reacted positively with a 5% price increase. Ripple CEO Brad Garlinghouse tweeted that regulated futures are a promising step towards greater institutional involvement and liquidity.
Expanding Institutional Involvement in Crypto Markets
The launch of Bitcoin futures by CME Group in 2017 significantly boosted institutional interest in cryptocurrencies. XRP is currently trading at $0.72, fluctuating between $0.70 and $0.75. Analysts suggest this development may encourage increased institutional participation, with regulatory recognition fueling confidence among participants.
Bitnomial's launch of XRP futures marks a pivotal development in the crypto market, increasing institutional interest and paving the way for regulatory advancements.
