A High-Stakes XRP Bet Pays Off
One trader recently turned a modest $2,500 into a staggering $200,000 by leveraging XRP futures on cryptocurrency exchange Rollbit at a 500x price increase. Despite the huge risk, this strategy paid off as XRP prices surged after the RLSUD stablecoin was announced to have been approved.
The gamble paid off
The trade takes place on the Rollbit exchange, and traders use 500x leverage to maximize their positions. At the time, the price of XRP was $1.9025. This bold move comes with huge risks, and if XRP falls below $1.9004, all investments will be wiped out. But luck and timing work in the trader’s favour.
Then, as news broke that Ripple Labs had received regulatory approval to launch its XRP, the price of XRP soared by 26%. RLUSD stablecoin. Traders didn’t have to wait long to cash out.
As the price of XRP climbed between $2.13 and $2.29, they gradually closed their positions, locking in an incredible 7,500% profit.
High Risk Leverage on Rollbit
RollbittKnown for offering up to 1,000x XRP trading leverage, its trading activity has surged, with trading volume reaching $186 million in the past 24 hours.
However, trading with 500x leverage is still an extremely risky endeavor, as small price changes can lead to rapid liquidations.
XRP Price Update
XRP is online Impressive rebound, soaring 500% Since October. This upward momentum is attributed to Ripple Labs’ approval to launch the RLUSD stablecoin and the possibility of more favorable cryptocurrency regulations in the United States
Currently, XRP is trading at $2.33, up 12% in the past 24 hours. Looking ahead, analysts believe XRP may retest its all-time high of $3.38 before the end of the year. Some even say that if this momentum continues, its price could reach $8 to $10 in the long run.
