An anonymous XRP trader made a fortune recently after turning his $2,500 investment into $200,000 in a few hours. According to a report on X by Chimpzoo, a pseudonymous Rollbit partner, this trader longed XRP on a 1000x leverage using four different trades of $640 each.
According to the report, the trader opened these four trades between the entry prices of $1.901 and $1.904. His exit prices were set between $2.13 and $2.29 which he achieved following the 20% XRP surge triggered by the news of NYDFS approval for the RLUSD stablecoin.
Source:/X
Consequently, he saw a return on investments between 5,137.79% and 9,160.77%. His result sparked wide interest in the XRP community as members raised several questions. One user, Derb, speculated on the possibility of insider trading, asking how the trader knew that the RLUSD approval would be announced that day before he opened the trades.
“Hmm how did he know they would decide to randomly announce RLUSD today and send the price up dramatically after that Insider or luck?” he asked.
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Meanwhile, this is only one case from the pool of instances where traders have made mouthwatering returns from trading cryptocurrencies. Previously another trader turned his $20k into $1.7 million trading XRP, and another flipped a meager $800 into over $400k on the MOODENG memecoin.
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.