Crypto.com supports XRP price-tracking products despite SEC delays on XRP ETF approvals, reflecting confidence in the top altcoin’s potential.
The Crypto.com exchange has implemented a product to enhance its trading capabilities, contingent upon introducing an XRP ETF product. The platform has implemented strike options for XRP, as previously disclosed. This will enable users to anticipate the coin’s price movement within a 20-minute timeframe.
Strike Options For XRP Revealed by Crypto.com
Crypto.com has officially introduced strike options for XRP. This will allow traders to forecast the price movement of the coin within brief timeframes, as indicated by the update. Users can place transactions and potentially profit by answering “yes” or “no” to whether XRP will move beyond a specific price in 20 minutes, all for a mere $10.
Acknowledging that these options are intended for fast-paced trading environments and provide high-risk, high-reward scenarios is important. The product adds a strategic element to the experience by allowing early exit if the price moves in the trader’s favor before the contract expires.
Diverse XRP products have emerged in recent months. Bitnomial capitalized on the Ripple lawsuit breakthrough in March by introducing XRP contracts.
In the interim, the Crypto.com Strike options for Bitcoin and Ethereum are already operational; however, including XRP broadens the platform’s capabilities. The Commodity Futures Trading Commission (CFTC) regulates these products, adding an additional supervision layer.
This is not Crypto.com’s initial foray into short-term XRP trading instruments. The “up-and-down” options were introduced in February, automatically closing positions at predetermined profit or loss levels.
The odds of the approved XRP ETF have increased in response to the delays
While traders experiment with novel methods of interacting with XRP, an additional narrative unfolds regarding the eagerly anticipated spot ETF. According to Polymarket, a platform that monitors event-based predictions, the approval probabilities for the XRP ETF have increased by 13% from the previous week, reaching 83%.
This rise occurred even though the Securities and Exchange Commission (SEC) postponed processing numerous applications. Bitwise, CoinShares, Franklin Templeton, and Grayscale are among the companies awaiting decisions.
In the interim, analysts anticipate that rulings will be issued in October. This is because the current delays are perceived as a standard review process. Despite the delays, the market is responding favorably, likely due to the increasing institutional interest and other XRP-related product launches.
Buildup of Institutional Interest in XRP
The increase in confidence is substantiated by actual market activity.
CME Group also participated in the XRP futures market by introducing its contracts on May 19. According to market sentiment, these actions provide investors with increased access to XRP through regulated channels.
It is important to acknowledge that the narrative surrounding XRP is in flux as additional products are introduced to the market. Similarly, the combination of increasing chances of ETF approval and regulated trading tools indicates that XRP is acquiring momentum beyond retail investors. As of the time of publication, the data from CoinMarketCap indicates that XRP is currently trading at $2.30.
