- Introduction of XRP/USD Futures
- Rules and Specifications
- Potential Market Impact
Bitnomial announced the listing of XRP U.S. dollar futures (XUS) contracts to be offered for trading on August 13.
Introduction of XRP/USD Futures
In a letter addressed to the secretary of the U.S. Commodity Futures Trading Commission (CFTC), Bitnomial claimed that the XUS will be a physically settled margin futures contract based on the value of 100,000 XRP.
Rules and Specifications
The designated contract market (DCM) notified the CFTC through the commission’s secretary, Mr. Christopher Kirkpatick, that it was submitting its initial listing of the XUS contracts for self-certification. The exchange disclosed that the XRP U.S. dollar futures-related rules 1501-1504 will be added to the Bitnomial Rulebook and that Exchange rule 1501 would detail the XUS product specifications.
Potential Market Impact
According to Bitnomial’s chief regulatory officer, James Walsh, the total amount of XRP held in digital wallets as of August 5, 2024, surpassed 60 billion, with approximately 39.1 billion XRP remaining in escrow. Bitnomial said that the move will attract more investors, especially big institutions.
The launch of the new XRP/USD futures could increase price volatility and trading volumes, making the market more appealing to investors.
