XRP Price Surge: Crypto Trader Mints 80x Gains in One Day

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As an analyst with years of experience in the volatile and unpredictable world of cryptocurrencies, I’ve seen it all – from meteoric rises to devastating crashes. But yesterday’s performance by a daring XRP trader left even this seasoned veteran in awe.

Yesterday, a cryptocurrency trader turned an initial $2,500 into an astounding $200,000 by speculating on XRP futures, just before the currency’s price surged by 26%. The trader, who reportedly used 500x leverage on the crypto exchange Rollbit, saw a significant gain on Tuesday, December 10. At the time of this surge, XRP was trading at $2.38 with a 24-hour volatility of 10.7%. The market cap of XRP stood at approximately $135.79 billion, and its 24-hour trading volume amounted to $24.14 billion.

As an analyst, I’m excited to share that on Tuesday, Ripple Labs, the company I’m associated with, received regulatory clearance from the New York State Department of Financial Services (NYDFS) to launch our anticipated stablecoin, RLUSD. This long-awaited news sparked a significant surge in XRP prices, propelling them from the previous low of $1.92 to a high of $2.40.

When the value of XRP fell to $1.9025 on the previous day, a shrewd cryptocurrency investor opened a position valued at $2,560 that would be liquidated if the price dipped below $1.9004. But luck was on the side of Ripple investors as positive news about RLUSD approval arrived at just the right moment, causing XRP’s price to skyrocket. The investor eventually closed the position at a range between $2.13 and $2.29 for XRP, resulting in an astonishing return of approximately 7,500%.

Currently, at the time of reporting, the price of XRP is being exchanged for approximately $2.36. Its market capitalization has reached a staggering $134 billion, and its daily trading volume has spiked by 14% to over $24.25 billion. Furthermore, in the past 24 hours, the open interest for XRP has increased by 5%, now exceeding $3.26 billion. Additionally, data from Coinglass shows that in the last day, liquidations have skyrocketed to $43 million.

It’s important to note that trading with 500x leverage is highly risky, as the volatile nature of cryptocurrencies often leads to liquidation. Rollbit’s XRP market, which has seen $186 million in volume over the past 24 hours, offers up to 1000x leverage.

RLUSD, XRP Price and Whale Activity

The endorsement of Ripple’s stablecoin, RLUSD, by NYDFS opens up opportunities for it to become active on trading exchanges and various other platforms, potentially positioning Ripple as a formidable competitor against established players such as Tether (USDT) and Circle (USDC). At this moment, RLUSD is being tested in beta phase across both the Ethereum network and the XRP Ledger (XRPL), with a current circulating supply of approximately $52 million.

It seems that investors are growing increasingly optimistic about the price surge of XRP, with some predicting it could reach around $15 based on the trends observed in its technical chart patterns. In simpler terms, these patterns on the daily chart suggest a potential bullish trend for XRP, which is often referred to as a “bull flag” pattern.

The price pattern is likely to clear up once it surpasses the flag’s upper boundary at approximately $2.58. If this happens, there’s a possibility that XRP could increase by an amount equivalent to its previous upward trend, taking the maximum potential target to $15. This level would represent new record highs for XRP, the fourth-largest cryptocurrency.

Courtesy: TradingView

Meanwhile, large XRP investors stepped in just when needed, purchasing the price drops. According to crypto expert Ali Martinez, these big-time investors snapped up more than 100 million XRP coins during the recent market downturn.

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2024-12-11 16:09