Controversial altcoin XRP has finally launched on crypto derivatives giant BitMEX — but so far, its cost has failed to react.

In a tweet on Feb. 3, BitMEX confirmed it had decided to back up XRP, the 3rd-largest cryptocurrency by market cap, for perpetual swaps against the United States dollar.

XRP squeezes out seven% gains

Despite regular efforts from supporters to brand major exchanges such equally BitMEX pay attention to XRP, data from Coin360 and Cointelegraph Markets suggests the actual interest in the token is minimal.

XRP/USD briefly grew past 11% at the time of the announcement, but to abandon upward momentum and shed almost one-half of those gains a day afterward. At printing time, the pair traded at just under $0.25 — 7% higher than last week.

XRP 7-day price chart

XRP 7-twenty-four hour period price chart. Source: Coin360

The lackluster performance forms simply the latest sequence in a blueprint for XRP, which has proven difficult to boost since hit lows below $0.18 in December.

As Cointelegraph reported, the slow stride of returns for bagholders compared to Bitcoin (BTC) and another altcoins come despite the deportment of Ripple, the company which currently owns more than XRP than any other entity.

A raft of sell-offs which accelerated in 2022 has combined with controversy about the extent of Ripple'southward control of the XRP supply. In a recent interview, CEO Brad Garlinghouse further fanned the flames, challenge Ripple had no control while at the same fourth dimension vowing to finish others from freely acquiring XRP.

Some other transfer of tokens from Ripple'southward escrow to the company'southward control — 200 million XRP ($50.3 million) — occurred on Feb. four.

"Ripple, XRP or dogshit?"

Later the announcement, BitMEX CEO Arthur Hayes issued a statement of his own that appeared to capture the sense of skepticism effectually both XRP and Ripple.

Hayes tweeted:

"Is it called Ripple, XRP, or dogshit? Who knows, who cares. Information technology's worth more than nil so it's time to merchandise the USD pair on BitMEX. Boo-Yaka-sha!"

The choice of language is reminiscent of an endeavour to understand Ripple's approach to XRP by Jesse Powell, CEO of U.S. substitution Kraken, in 2022. At the time, Powell queried whether the token should be referred to as "Ripple" or "Ripples."

The perpetual bandy will begin accepting orders on Feb. 5.