An unknown trader turns $2,560 into $200,000 within three hours of investing in XRP Futures.
The anonymous trader made a massive bet on XRP by opening four XRP Futures positions worth $2,560 on crypto trading platform Rollbit.
Transaction Details
Data from pseudonymous Rollbit partner ChimpZoo shows that these positions came up on December 10 with a 500x leverage.
The user opened the trades at different prices, ranging from $1.9019 to $1.9049. Notably, the trader narrowly escaped liquidation, set at $1.8998, $1.9004, $1.9025, and $1.9027, respectively.
With XRP soaring by over 20% after Ripple announced the NYDFS’ approval of the RLUSD stablecoin, the altcoin rebounded above the $2 mark. Following the surge, the trader closed the positions between $2.13 and $2.29, achieving returns ranging from 5,137% to 9,160%.
According to ChimpZoo, the unknown trader successfully ‘80x’ed their net worth,’ turning $2,560 to $200,000 within three hours.
Need for Caution
Notably, there have been several cases of traders making huge returns with minmal capital. The Crypto Basic has covered most of these developments, including how a trader turned $20,000 into $1.7 million trading XRP and how an $800 investment became $400,000 with Solana-based memecoin Moo Deng (MOODENG).
Nonetheless, it is rare to find stories of traders achieving hefty returns by trading crypto futures with a 500x leverage. These trades will likely be liquidated, leaving investors in regrets.
As a result, it is imperative to exercise caution while trading futures by using lower leverages.
XRP and USDT in Tight Contest for Third Position in Global Crypto Ranking
In the meantime, XRP is changing hands at $2.44, reflecting a 24-hour gain of 4.59%. It has been challenging Tether (USDT) to get third place in the global crypto ranking, with both assets frequently flipping each other over the past few days.
At the moment, XRP is ranked as the fourth-biggest cryptocurrency, with a market cap of $139.52 billion. USDT currently occupies the third position, thanks to its $139.71 billion valuation.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
