24hrsCrypto YouTuber Takes a Big Bet on XRP
Recently, 24hrsCrypto’s host Tom shared in a video that he has taken a significant leveraged long position in XRP, the digital token of the Ripple blockchain. He is optimistic about XRP’s potential for a rebound, despite recent heavy selling pressure.
XRP has shown resilience around the $0.61 mark, even amid a broader crypto market downturn, indicating strong buying interest in this price range.
Tom has opened a 51,000 XRP (about $31,100) long with 53x leverage to capitalize on a potential bounce. While this gives him substantial exposure, it also makes his position vulnerable to liquidation if XRP falls below his entry price.
Despite acknowledging the risks, Tom believes the potential upside justifies his high-leverage trade. He plans to monitor the trade closely and wait for his desired entry price to be hit before his XRP long opens automatically.
XRP’s Current Status and Tom’s Trading Style
As of now, XRP is trading at $0.65, down 9% in the last seven days. Tom’s trade reflects his bullish outlook on XRP in the short-term and demonstrates how active crypto traders seek to profit from market volatility.
Hot Take: The Risky Business of High-Leverage Crypto Trading
Tom’s bold move with high leverage exemplifies the high-risk, high-reward nature of crypto trading. It underscores the importance of careful monitoring and risk management when using leverage to trade cryptocurrencies.
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