Gemini has unveiled the motive behind its recent social campaign centered on XRP. In a morning post on X, the exchange revealed its upcoming launch of perpetual contracts for XRP.
Gemini’s Move into XRP Perpetual Contracts
This new offering enables traders to transcend spot trading by utilizing leverage. With perpetual contracts, traders can maintain positions indefinitely, provided they meet margin requirements. Gemini traders now have the opportunity to enhance their positions, with potential gains and losses magnified through trading on the Gemini Derivatives platform. It’s important to note that this platform is not accessible in the U.S., U.K., and the European Union.
This development follows closely on the heels of Gemini’s introduction of spot trading for XRP just under six months ago, marking the asset’s official listing. Before this listing, XRP had never been supported by Gemini, and its inclusion came shortly after gaining legal clarity in August 2023.
Riddle answer: XRP perpetual contracts
Coming soon to Gemini
Fund your account → https://t.co/Ap4YOQIyO3 pic.twitter.com/pPfJwDnGTk
— Gemini (@Gemini) January 23, 2024
It’s worth recalling that Gemini’s foray into XRP trading was preceded by a strategic social campaign, creating speculation around a potential listing. This pattern appears to repeat with the recent unveiling of XRP perpetual contracts, demonstrating Gemini’s strategic use of social campaigns in aligning with major product launches.
Gemini’s Enigmatic XRP Social Campaign
Gemini’s recent XRP-related maneuvers, highlighted by Crypto Basic, began with a series of cryptic posts on the official Gemini X account. The posts urged the broader community to keep XRP in mind, dropping hints about an impending development for the digital asset.
In response, influential figures within the XRP community, such as Eri, speculated on potential outcomes. Eri suggested a Gemini joint venture for an XRP ETF in Europe as a likely scenario.
Adding to the intrigue, Gemini introduced a riddle that ultimately pointed to XRP. The subsequent announcement confirmed that the solution to the riddle was the introduction of XRP perpetual contracts.
While the unveiling of perpetual contracts is a positive step, the expectations set by the mysterious social campaign left some XRP community members feeling disappointed. Despite the mixed reactions, others view it as a significant milestone.
Related: XRP Ledger Achieves All-Time High Monthly Transaction Volume
In response to the announcement, Zach Rector, a prominent media personality, claimed that exchanges were primarily interested in the XRP community and their business. This scenario echoes a past incident with Bitstamp, which similarly sparked anticipation within the XRP community last August. However, the exchange’s announcement turned out to be a lending program for XRP with a 2% APY, leading to widespread disappointment.
