Crossword Genius

Competed with current in red setting (5)

Ross

I believe the answer is:

raced

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'competed' is the definition.
(racing is a kind of competing)

'in red setting' is the wordplay.
'in' means one lot of letters goes inside another.
'setting' becomes 'ac' (I can't justify this - if you can you should believe this answer much more).
'red' enclosing 'ac' is 'RACED'.

'with current' acts as a link.

Can you help me to learn more?

(Other definitions for raced that I've seen before include "Rushed" , "Went fast" , "speeded" , "Cedar (anag)" , "Competed" .)

I've seen this clue in the Sydney Morning Herald.
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