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Trader Turns $2.5K Into $200K by Buying XRP With 500X Leverage
The position was dangerously close to liquidation before XRP moved to the upside.
What to know:
- A trader capitalized on XRP's 26% rise on Tuesday by purchasing $2,500 worth with 500x leverage.
- The position was close to liquidation before surging to the upside.
- XRP is now up by 301% over the past 30-days, outperforming the wider crypto market.
A trader turned $2,500 into $200,000 by buying XRP futures with 500x leverage on cryptocurrency exchange Rollbit on Tuesday.
XRP jumped by 26% during U.S. trading hours after Ripple Labs, the company behind XRP, received “final” regulatory approval to offer the RLUSD stablecoin in the U.S.
STORY CONTINUES BELOW
The savvy trader opened a position worth $2,560 when XRP was trading at $1.9025 and the amount of leverage meant that the position would have been liquidated if price slumped below $1.9004. The position was closed gradually between $2.13 and $2.29, netting a realized return of around 7,500%.
XRP is trading at $2.34 as it continues to outperform the wider market. It is up by 301% in the past 30-days, TradingView data shows.
It's worth noting that trading with 500x leverage is a tremendous risk as the volatile nature of cryptocurrencies means that the position will be liquidated most of the time. Rollbit's XRP market has racked up $186 million worth of volume over the past 24-hours and offers up to 1000x leverage.
Oliver Knight
Oliver Knight is the co-leader of CoinDesk data tokens and data team. Before joining CoinDesk in 2022 Oliver spent three years as the chief reporter at Coin Rivet. He first started investing in bitcoin in 2013 and spent a period of his career working at a market making firm in the UK. He does not currently have any crypto holdings.
