U.Today - XRP has secured a new milestone as Singapore-based major crypto exchange Crypto.com expands its futures offerings for the token. According to a recent announcement by the official Crypto.com X handle, XRP contracts are now available for UpDown Options.
According to an official blog post, XRP contracts are now available on UpDown Options in the Crypto.com App, in addition to Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Dogecoin (DOGE), Litecoin (LTC), Avalanche (AVAX), Polkadot (DOT), Chainlink (LINK) and more.
The UpDown Options, according to crypto.com, is the first CFTC-regulated crypto derivatives product that affords users the tools to capture value in all market conditions.
UpDown options are options that are automatically terminated when the underlying asset’s price reaches a predefined ceiling or floor price. Users can choose to buy or sell a contract based on how they believe the market will go: If an asset’s price is expected to rise, users can buy a contract to initiate a long position. If an asset’s price is projected to fall, users can sell a contract and initiate a short position.
XRP’s UpDown Options is currently only available to users in the U.S., according to Crypto.com’s announcement.
XRP to gain further exposure
XRP’s latest addition to the UpDown options offers traders greater flexibility, allowing them to profit from upward and downward market movements. With XRP’s recent price movements drawing significant interest, this addition could drive more engagement from futures traders seeking to profit from recent volatility.After facing recent volatility, XRP has regained momentum, posting gains alongside Bitcoin, Ethereum and other major cryptocurrencies.
At the time of writing, XRP was up 3.13% in the last 24 hours to $2.47, extending its recovery into the third day and reaching intraday highs of $2.51 in the early Sunday session.
On the upside, bulls’ first aim would be to flip the crucial daily SMA 50 level at $2.62, which it previously held as support but has now turned resistance back into support. If this is done, XRP will aim for $3 once more.
Another possible scenario is that XRP remains in consolidation between its daily moving averages of 50 and 200, which are $2.62 and $1.32, respectively. However, if the price drops, XRP may seek support around $2.