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OKEx adds XRP, Litecoin [LTC] with Bitcoin [BTC] for margin trading during XRP price-rally

Priyamvada Singh



OKEx adds XRP, Litecoin [LTC] with Bitcoin [BTC] for margin trading during XRP price-rally
Source: Pixabay

On, November 6, Tuesday, OKEx, a popular cryptocurrency platform announced that it has launched pairs of Bitcoin/XRP [BTC/XRP] and Bitcoin/Litecoin [BTC/LTC] for margin trading in public interest. The trading will be live for the users from 7:00 UTC today.

“NEW MARGIN TRADING PAIRS: To meet the public demand, we will open the margin trading pairs XRP/BTC and LTC/BTC from 08:00 Nov 6, 2018 (CET).”

Margin trading does not take place as regular trading does, where an investor buys and sells an asset with one’s own purchasing power. Rather, margin trading allows one to borrow loan from a broker or purchase stock to boost the purchasing power. Furthermore, this kind of trading also needs a separate margin account. However, OKEx put forth a disclaimer for its users and wrote:

“As a friendly reminder, margin trading involves borrowing funds to increase your purchase power. It confers a higher profit potential but also greater risks. You are suggested to carefully evaluate your intended investments in light of your knowledge, experience, financial positions and objectives.”

The news comes in sync with the bullish turnup of the cryptocurrency market, especially XRP. The coin today ran a major rally of over 13% in the 24-hour scenario. The speculated reasons were the increased, extensive adoption of xRapid, a significant tool by Ripple to help the remittance industry become more efficient.

Two of the big companies have been believed to adopt xRapid for their services, namely, SendFriend, which is closely associated with MIT and SBI Group, which will bring XRP into extensive use for a project under R3, as stated by the CEO of the institution, Yoshitaka Kitao, last week.

At the time of writing, XRP is trading at $0.53 with a market cap of $21.5 billion. The market is currently showing a pop of 15.45% with a 24-hour trading volume of $980.7 million.

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Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.