Amun Launches XRP Product on Swiss SIX Exchange
The provider of crypto-derivative products expanded its portfolio with four types of assets, adding Ripple’s XRP.
The Swiss SIX exchange will carry a new XRP-derived exchange product from the Amun cryptocurrency product provider. The April 2 launch follows the recent addition of an Ethereum-based product. The new asset will trade under the AXRP symbol.
The XRP asset trades at $0.33 after the latest market rally, rising after Bitcoin (BTC) moved quickly close to the $5,000 level. The asset issued by Ripple Labs is always lining up among the top coins by market capitalization, although it is seen by many as not entirely fitting the description of a crypto coin.
However, XRP is extremely liquid and popular, seeing robust activity on Asian exchanges. XRP is also one of the assets finally added to the Coinbase brokerage service, made accessible for direct purchase. XRP is also a part of the HODL5 basket index by Amun, as well as a basket exchange-traded product.
XRP has been relatively less liquid in the past weeks and months, but in the past, the asset has rallied to much higher price records above $3.20. Unfortunately, the asset did not fulfill the expectations of reaching above $5 or going as high as $10.
In the past, the chief price boost for XRP was the idea that the coin itself would be needed within the xRapid payment system. Currently, Ripple offers payment systems of servers where the asset is not necessary. XPR has been distributed in multiple airdrops and donations in the past years, and the Ripple Foundation is a significant holder of the coin, with the option to place XRP on the market as they are gradually becoming unlocked from the company’s treasury.
The asset is also suffering from potential pressures from the sale of the coins of Jed McCaleb, one of the co-founders of the project. Multiple other entities hold vast wallets of XRP.
The XRP coin was also one of the assets lost during the recent Bithumb hack, where 20 million coins were stolen and possibly immediately liquidated.