One trader recently leveraged XRP futures 500x on cryptocurrency exchange Rollbit, turning $2,500 into an incredible $200,000. The risk was enormous, but the strategy paid off as the price of XRP soared following the announcement of the approval of the RLSUD stablecoin.
A big gamble that pays off
The trade took place on the Rollbit exchange and the trader used 500x leverage to maximize the position. At that time, the price of XRP was $1.9025. This bold move came with enormous risk and would have wiped out my entire investment if XRP fell below $1.9004. But luck and timing worked in the trader’s favor.
Later, the price of XRP surged 26% following news that Ripple Labs had secured regulatory approval for the launch of the RLUSD stablecoin. Merchants didn’t wait too long to cash out.
As the price of XRP rose between $2.13 and $2.29, they gradually closed their positions, securing an incredible 7,500% profit.
High-Risk Use of Rollbit
Rollbit, known for offering up to 1,000x leverage for XRP trading, has seen a surge in trading activity, with trading volume hitting $186 million in the last 24 hours.
However, trading with 500x leverage still remains a very risky endeavor as the slightest price movement can lead to rapid liquidation.
XRP Price Update
XRP has been on an impressive rise since October, surging 500%. This upward momentum is due to the approval of Ripple Labs to launch the RLUSD stablecoin and the possibility of more favorable cryptocurrency regulation in the United States.
XRP is currently trading at $2.33, up 12% in the last 24 hours. Analysts believe XRP could retest its all-time high of $3.38 by the end of the year. Some suggest that if momentum continues, it could rise to $8 to $10 in the long term.