- Gemini launches XRP Perpetual Contracts after a short social meme campaign.
- XRP traders gain leverage, expanding opportunities.
- The social campaign sparked enthusiastic community reactions.
Gemini, the U.S.-based crypto exchange, has officially introduced XRP perpetual contracts, expanding opportunities for XRP traders. The perpetual contracts allow traders to leverage their positions without expiration, potentially increasing both gains and losses.
Despite the anticipation generated by Gemini’s recent social campaign around XRP, the platform for these contracts is not available in the U.S., U.K., and the European Union. Gemini’s move to introduce XRP perpetual contracts follows its listing of XRP for spot trading less than six months ago.
The exchange initially added support for XRP in August 2023, shortly after the cryptocurrency gained legal clarity. The recent announcement disclosed the details of the mysterious social media campaign initiated by Gemini, fueling speculation within the XRP community about a potential development.
The campaign, which featured cryptic posts on XRP by the official Gemini X account, led to widespread speculation. Influential figures in the XRP community speculated on various possibilities, including a joint venture for an XRP ETF in Europe.
Gemini further fueled speculation by presenting a riddle that pointed to XRP, with the subsequent confirmation that the answer was the introduction of XRP perpetual contracts. While the launch of these contracts is a significant development, some members of the XRP community expressed disappointment, citing higher expectations generated by the social campaign.
Despite varied reactions, the move reflects the growing interest of exchanges in the XRP community and their business. This situation mirrors a similar event with Bitstamp last August, where heightened expectations for a pivotal announcement resulted in the introduction of an XRP lending program with a 2% APY, leaving some community members disappointed.
