Crypto trader turned $2500 into $200,000 amid XRP price surge
A crypto trader invested $2500 and earned $200,000 amid the rise in XRP price, using 500x leverage.
The futures position on the cryptocurrency XRP on the Rollbit exchange brought the trader a profit of 7500%.
The risk of liquidation of the position was too close.
On December 10, 2024, the crypto trader made $200,000 trading the cryptocurrency XRP, as reported by Coindesk. He opened a position worth $2560 with 500x leverage when the asset was trading on the Rollbit exchange at a price of $1.9025.
If the price had fallen below $1.9004, the position could have been liquidated. However, the trader gradually closed the position — at a price between $2.13 and $2.29 — and made a profit of about 7500%, according to Coindesk.
The trader took advantage of the 26% rise in the cryptocurrency XRP, journalists noted. The reason for the asset's price jump was the "final" approval by the U.S. financial regulator for the launch of the stablecoin RLUSD. The latter belongs to Ripple Labs, which developed the native token XRP.
The asset's price on the exchange is nearly $2.38, according to TradingView at the time of preparing the material. Over the past 30 days, the price of XRP has increased by 301%.
