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XRP/USD

XRP is the native token of the Ripple network.

Ripple is a cryptocurrency platform that facilitates exchange between participants via the online space. However, unlike Bitcoin and Litecoin instead of the primary objective being the creation of a decentralized and anonymous peer-to-peer mode of transfer, the target audiences for XRP are traditional banking institutions and is used to settle cross-border and cross-bank transactions transparently,

Trading Hours 

Please click here for trading hours.

Please note, however, that hours are subject to change based on Daylight Savings Time. Any holiday hours will be posted on here.

Spread

The XRP/USD has variable spreads that will widen and narrow subject to market conditions.

Min/Max Contract Size

Contracts are only available in multiples of 100. 
The Minimum number of contracts per click (trade) for XRP/USD is 100.
The Maximum number of contracts per click (trade) for XRP/USD is 5000.

Minimum Pip Cost (Value)

For 100 contracts XRP/USD has a minimum value of $0.1 USD per point (Your per point value may be different if your account is denominated in a different currency. Please refer to the Simple Dealing Rates Window in Trading Station for this value). 

The pip/point location is shown below. Each 0.001 price movement on the XRP/USD is 1 pip/point. 

Number of FXCM Contracts to one Ripple.

1 FXCM XRP/USD contract are currently equivalent to one Ripple.

Margin Requirements

XRP/USD Margin Requirements are updated shortly after market open (Sunday 18:00 ET) and then updated daily during the market break (Between 16:45 ET to 18:00 ET Daily).

XRP/USD is leveraged at 4:1 and the new margin requirement will be the equivalent of a quarter of the notional value of 1 contract at 5pm EST.

For E.G if the XRP/USD rate is 0.400 during the market break, the Margin Requirement for 100 contracts will be updated to $10.00 USD

XRP/USD is a volatile instrument and in the event that there is a significant intraday market move, margin requirements may be updated intraday

Overnight Funding

XRP/USD does have an overnight funding charge (Displayed as Rollover in the Trading Station Platform). 
The current daily overnight funding rate is displayed within the Trading Station and is 3x on Fridays.

Trade Restrictions

FXCM allows long and short trading on all our trading catalog.
However due to the high volatility and low liquidity when trading crypto currencies, there may be instances where new positions are unable to be opened on Ripple (XRP/USD).

During any period in which Ripple (XRP/USD) has a trading restriction applied, any market orders or triggered pending entry orders will be rejected and deleted.

Pop ups will appear on your screen informing of the reason for the rejection.

Any restrictions are temporary and will only impact your ability to enter trades. 
You will still be able to close open positions.

Other Information

Stops and Limits are currently only able to be set at a maximum of  50% of the rate.

There is no minimum stop distance.