Trader Turns $2,500 into $200,000 from XRP Futures Bet
A cryptocurrency trader transformed $2,500 into $200,000 by trading XRP futures with 500x leverage on Rollbit just before a 26% price increase on December 10. The trader initiated a position worth $2,560 when the XRP price dropped to $1.9025, which would have liquidated if it fell below $1.9004. However, news of Ripple Labs' regulatory approval for the RLUSD stablecoin led to a surge in XRP, allowing the trader to close their position between $2.13 and $2.29, achieving a realized return of approximately 7,500%.
As of the latest update, XRP is priced at $2.36, with a market cap of $134 billion and a daily trading volume exceeding $24.25 billion. XRP's open interest has increased by 5% to over $3.26 billion, while 24-hour liquidations reached $43 million according to Coinglass data.
Trading with 500x leverage carries significant risk due to cryptocurrency volatility, which can result in liquidation. Rollbit's XRP market recorded $186 million in volume over the past 24 hours, offering leverage up to 1000x.
RLUSD, XRP Price, and Whale Activity
The NYDFS approval of Ripple's stablecoin RLUSD enables its launch on exchanges, positioning Ripple as a competitor to Tether and Circle. RLUSD is currently in beta testing on both the Ethereum network and the XRP Ledger (XRPL), with a circulating supply of $52 million.
Market sentiment is bullish for XRP, with expectations of a price target of $15 based on technical patterns. XRP's price action has formed a bull flag pattern on the daily chart, anticipated to resolve with a breakout above $2.58, potentially reaching $15, representing new all-time highs for the cryptocurrency.
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Courtesy: TradingView
XRP whales have been active, purchasing over 100 million XRP tokens during recent market dips, as reported by crypto analyst Ali Martinez.