The post Trader Turns $2.5K Into $200K: A High-Stakes XRP Bet Pays Off appeared first on Coinpedia Fintech News
A trader recently turned a modest $2,500 into an astonishing $200,000 by leveraging XRP futures at 500x on the cryptocurrency exchange Rollbit. While the risk was immense, the strategy paid off as XRP’s price surged drastically, after the announcement of approval of RLSUD stablecoin.
Big Gamble That Paid Off
The trade happened on the Rollbit exchange, where the trader used 500x leverage to maximize their position. At the time, XRP was priced at $1.9025. This daring move came with an enormous risk if XRP had dropped below $1.9004, the entire investment would have been wiped out. But luck and timing worked in the trader’s favor.
Later the XRP price surged by 26%, following the news that Ripple Labs had secured regulatory approval to launch its RLUSD stablecoin. The trader didn’t wait too long to cash in.
As XRP’s price climbed between $2.13 and $2.29, they closed the position gradually, locking in an incredible 7,500% profit.
High-Stakes Leverage on Rollbit
Rollbit, known for offering up to 1,000x leverage on XRP trades, has witnessed a surge in trading activity, with $186 million in volume recorded over the past 24 hours.
However, trading at 500x leverage remains an exceptionally risky endeavor, as minor price movements can lead to swift liquidation.
XRP Price Update
XRP has been on an impressive rally, surging 500% since October. This upward momentum is attributed to Ripple Labs’ approval to launch its RLUSD stablecoin and the possibility of more favorable crypto regulations in the U.S.
Currently, XRP is trading at $2.33, reflecting a 12% increase in the last 24 hours. Looking ahead, analysts believe XRP could retest its all-time high of $3.38 by the end of the year. Some even suggest it might hit $8 to $10 in the long run if the momentum continues.