The Ripple cryptocurrency caught my attention recently when the US judicial authorities filed a lawsuit against the company that issues the token. At that moment, in three days, Ripple collapsed by 60%. I looked at the chart and realized that it would be nice to make money on this fall and started looking for someone to trade this ripple from. Cryptocurrency exchanges were immediately cut off, as they are very difficult for me, and I don’t trust them either – they are often hacked by hackers with theft of all coins. And I didn’t want to throw money at some foreign companies. Therefore, the Alpari broker was chosen – the most reliable of the Forex. He has a cryptocurrency trading, or rather CFDs on cryptocurrencies, so he opened a deal to sell XRPUSD. And then I was amazed – it turns out that the spread on Ripple is gigantic – over 1% of the base price. It is, for a moment, as if the spread was 100 pips on major currency pairs in forex. And the second problem – you can open deals only for 10 lots of Ripple or 1000 coins. And this is only $ 300 volume. You will not clear up.
Anyway. The deal was opened and I held it for about a day.
As a result, the price went down and a profit of 6179 points was taken at the local or global bottom – this is approximately 23% of the change in the underlying asset, that is, the ripple. Not bad.