Trader Turns $2,500 Investment into $200,000 Using 500x Leverage on XRP
In an extraordinary move, a savvy trader has taken a modest $2,500 investment and catapulted it to an impressive $200,000 through savvy XRP futures trading, leveraging an astonishing 500 times via the Rollbit exchange on Tuesday.
An Exceptional Trade on Rollbit Marks a Huge Victory for One Shrewd Investor
The dramatic rise in XRP’s price—a staggering 26% during U.S. trading hours—was triggered by Ripple Labs’ highly anticipated announcement of receiving final regulatory approval to introduce the RLUSD stablecoin in the United States.
This trader began with a position worth $2,560 at an XRP price of $1.9025.
With such high leverage, the margin for error was incredibly slim; if XRP dipped below $1.9004, the position could have faced liquidation.
Ultimately, XRP’s value soared, and the trader enjoyed a liquidation range between $2.13 and $2.29, leading to an astounding realized gain of about 7,500%.
Current Market Performance
Currently, XRP is priced at $2.34, showcasing remarkable strength in comparison to the broader market.
In just the last month, the cryptocurrency has surged by 301%, based on TradingView data.
However, it’s crucial to note the high level of risk that comes with trading at 500x leverage.
Given the volatile nature of cryptocurrencies, positions can be liquidated with little warning.
In the last 24 hours alone, Rollbit’s XRP market experienced a trading volume of $186 million, and the exchange even offers leverage options reaching up to 1,000 times.
About the Author
Oliver Knight is a co-lead for CoinDesk’s data tokens and data team.
He has been part of CoinDesk since 2022, previously serving as the chief reporter for Coin Rivet.
An investor in Bitcoin since 2013, Oliver also has experience working in a market-making firm in the UK.
Currently, he holds no cryptocurrencies.
Source: CoinDesk
