BitMEX, one of the leading cryptocurrency exchanges, has caused significant buzz within the XRP community with a cryptic post teasing a Ripple-linked announcement.
The exchange has stated that its announcement will have "a ripple effect" on the market, tagging the San Francisco-based blockchain firm.
It is worth noting that the post comes just days before the launch of CME Group's regulated XRP futures, which is slated to take place May 19.
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The exchange launched a perpetual swap on the XRP token (XRPUSD) back in February 2020.
BitMEX is, of course, known as one of the most prominent derivatives exchanges. It also launched a spot exchange back in May 2022.
Some commentators believe that the announcement could be related to Ripple USD, the red-hot stablecoin that launched in late 2024. The dollar-pegged cryptocurrency has already been listed on several cryptocurrency exchanges.
XRP's underwhelming price action
A lot of commentators are seemingly displeased with XRP's rather underwhelming price action. After occupying headlines with its enormous rally in the fourth quarter of 2024 and early 2025, the cryptocurrency is struggling to revive its momentum.
The XRP price has been flat over the past week, adding a mere 0.3% over the past week. Many XRP holders believe that BitMEX's much-hyped announcement (whatever it is) will actually have little impact on the market.
Asreported by U.Today, Ripple recently experienced a significant legal setback, with a district court denying a joint motion for an indicative ruling and seemingly rejecting the idea of rubber-stamping the settlement agreement that was reached with the SEC. The development was described as a "curveball" by pro-XRP analyst John Deaton.
