- BitMex to delist Two Ripple (XRP) contracts starting January 31, 2020
- Ripple (XRP) Quanto Swap
- Ripple records 80% decline in sales in Q4 of 2019
Ripple Latest Update – The world’s biggest cryptocurrency exchange platform, Bitmex recently announced it would be discarding two Ripple (XRP) contracts as an influence to XRP/USD Quanto swap. The new ruling will commence from January 31, 2020, while the details of the recent XRP/USD Quanto swap will be announced today.
XRP (XRP) Price Today – XRP / USD
Ripple News Update – As similar to everlasting contracts, there is no expiration or reimbursement. Also, the swap reflects that of the trailed XRP/USD chart. The two BitMex’s XRP Up and Down contracts with code names XBT7D_U105 and XBT7D_D95, are exclusive only to BitMex. The contracts subject investors to the basic asset’s volatility. Thus allowing investors to receive profits when XRP prices are rallying or amassing gains when the price was dumping.
According to the UP contract, a buyer only pays a premium on the day of trading with the prospect of getting the variance between the deal price and the settlement price on expiration if it is positive. Though if the variance id negative, no payment will be received. The opposite is the case of the DOWN contract.
According to the official statement from BitMex, the two contracts will be resolved while no new contracts will be listed afterward.
“As an ongoing effort in improving our offerings and experience for users, effective Friday 31 January 2020 at noon UTC, all UPs and DOWNs contracts will be delisted. Existing BitMEX UP and BitMEX DOWN contracts will be settled at that time as usual and no new contracts will be listed from that time onwards.”
Ripple (XRP) Quanto Swap
A Quanto swap is established mainly for traders tp project on the prices of XRP/USD without having to deposit USD. Afterward, XRP will be cited in USD, while the settlement will be carried out in foreign currency as a stipulated rate. Hence, the ramp lessens exchange rate risks, particularly on investors who cannot buy the preferred asset in their currency. With this scheme, risks involving funding rates are considered, and losses/gains made by the asset is represented by the end product.
Ripple records 80% decline in sales in Q4 of 2019
According to Ripple News Update, Ripple recorded an 80% decline in sales of XRP during the Q4 of 2019. Ripple sold an overall of $13.08 million XRP in Q4, as against $66.24 million in Q3. The abrupt decline is a result of a decrease in direct formal sales. Also a halt in Ripple’s programmatic sales, which is XRP sales to cryptocurrency exchanges.
Ripple went thus:
“Ripple continued the pause of programmatic sales, focusing solely on our over-the-counter (OTC) sales with a few strategic partners, who are building XRP utility and liquidity in strategic regions including EMEA [Europe, the Middle East, and Africa] and Asia.”
As a result of this, Ripple’s programmatic sales decline to zero in Q4, as against $16.12 million in Q3.