Cryptocom Expands Its XRP Products By Launching Strike Options

Pending when an XRP ETF product is launched, the Cryptocom exchange has launched a product to boost its trading. As revealed, the platform has introduced

Cryptocom has launched strike options for traders on its exchange. The product will allow users to predict the price movement of XRP in 20-minute time periods.

According to the exchange, the new offering will give traders the chance to predict the short-term price movements of XRP. Specifically, it will see users decide if they think the coin will rise above or fall below a set price in a 20-minute time window.

With a minimum trade size of $10, users will be able to place trades and potentially profit quickly by simply answering “yes ” or” no ” to the short-term price prediction.

Cryptocom noted that these options are designed for high-risk, high-reward scenarios and are suited for a fast-paced trading environment. It adds that the product allows for early exit if the price moves in the trader’s favor before the contract ends, which adds a strategic element to the experience.

Over the past few months, different XRP products have emerged. Capitalizing on the Ripple lawsuit breakthrough, Bitnomial launched XRP contracts in March.

Cryptocom’s Strike options are already live for Bitcoin and Ethereum, and adding XRP will further diversify the platform’s offerings. These products are also regulated by the Commodity Futures Trading Commission (CFTC), which provides an additional layer of oversight.

This is not Cryptocom’s first venture into short-term XRP trading tools. Back in February, it launched the “up-and-down” options, which allow traders to quickly close out their positions at preset profit or loss levels.

These new developments come as the approval odds of an XRP ETF product are also pending. According to Polymarket, the chances of an XRP ETF being approved by the SEC soared by 13%.

At the time of writing, Polymarket shows an 83% probability of an XRP ETF being approved by October 15. However, the SEC has now delayed several applications.

Specifically, Bitwise, CoinShares, Franklin Templeton, and Grayscale are among the firms awaiting decisions from the SEC on their applications to list an XRP ETF product.

Meanwhile, analysts are placing bets on October as the timeframe for the SEC to make rulings on the pending applications.

These delays are part of the standard process for new financial products and are not necessarily a cause for concern. Despite the holds-up, the market is reacting positively to the prospect of an XRP ETF, which is likely being driven by several factors.

The increasing interest from institutional investors in cryptocurrencies, as well as the growing interest in efficient and innovative investment products, are likely contributing to the rising approval odds.

Moreover, the recent launch of other XRP investment products, such as futures contracts on the CME Group and the Nasdaq, may be signaling a broader shift in the market towards providing investors with diverse avenues to access XRP.