XRP News: Binance Peer To Delist XRP and Litecoin (LTC), But There’s A Catch

by

As a seasoned researcher with over a decade of experience in the cryptocurrency market, I find the recent news about OKX delisting XRP and LTC futures intriguing. Having navigated numerous bull and bear markets, I’ve learned to expect the unexpected in this dynamic industry.

Update on XRP and Litecoin: It has been announced that OKX, a peer of Binance, is removing Ripple‘s XRP and Litecoin (LTC) from its USDT-settled and cryptocurrency-margined futures contracts as of today. This action aligns with the present market conditions and aims to cater to users’ preferences, according to OKX’s statement.

Traders could expect some price fluctuations in XRP and LTC due to recent news developments. Yet, analysts remain hopeful that these cryptocurrencies might surge during the upcoming phase of the bull market.

OKX to Delist Ripple’s Coin and Litecoin Delivery Contracts

OKX cryptocurrency trading platform previously declared they are discontinuing the production of XRP and LTC USDT-collateralized and crypto-collateralized futures contracts with daily settlements. The termination process is expected to be finalized on December 27.

Starting at 8 AM UTC on December 27, 2024, the cryptocurrency exchange plans to remove XRP and LTC future contracts that expire daily from its platform. Previously, in various months, the platform halted the trading of bi-weekly and bi-quarterly expiry futures. It’s important to note that any existing future contracts will continue to be active until their respective expiration dates.

In light of the delisting announcement by Binance’s competitor OKX affecting XRP and LTC, there could be some price fluctuations. This instability might stem from traders adjusting their strategies in response to these updates. It’s crucial for investors to monitor trading volumes and market sentiment closely as they may indicate shifts in the market trend.

XRP and LTC Prices Under Pressure

Today, XRP’s price experienced a 0.5% increase and a substantial 11% surge over the past week, currently hovering around $2.20. Over the past day, its lowest point was at $2.13 while peaking at $2.23. Notably, the trading volume has been decreasing this week, but there was a 20% spike in the last 24 hours, suggesting a possible decrease in trader interest.

The price behavior of XRP, Ripple’s native cryptocurrency, has mirrored its past price trends from 2014 to 2017. If there’s a breakthrough in the market and some positive news, it could potentially drive the XRP value above $20.

Currently, Litecoin’s price is hovering around $104, following a significant increase of over 20% this week. It was last traded at $104.05. The price range within the past 24 hours has been between $101.16 (the lowest point) and $104.16 (the highest point). In the same period, the total LTC future open interests decreased by 1%, with a current value of approximately $457.26 million, indicating a somewhat restrained trading activity.

Read More

2024-12-27 16:55