To start with, I feel the pain of everyone in this group and in any crypto. It is the most volatile market in the world, we can see crazy gains and losses, thats the game. If you are interested in making 10% a year buy some mutual funds or precious metals but that isn’t for me. Lucky for most of us here, we got in early, rode the wave up and come back down to near where we started. Many people joined the market at the very top, bought bitcoin at 60k or XRP at nearly 2 dollars. The narrative and news was pushing all unexperienced retail investors into the market with "Tesla buying Bitcoin" etc.
The real winners in this market are the people who buy lows and sell highs. Unfortunately, people don’t celebrate the opportunity to buy lows knowing the value they are getting but instead FOMO (fear of missing out) in everything they can at high prices. It is the way our brains work.
When XRP flew up to nearly 2 dollars, people would have given a leg for it to be back at 50 cent again so they could accumulate more.
When you look at what has happened in the past, you can see you should always go against the narrative. When the whole pandemic started, the narrative was that Cryptocurrency is going to be worthless and the sky was going to fall forever. Most people panic sold at crazy low prices. As we can see now, that was the PERFECT time to buy. Another example, the SEC lawsuit. The news stories were that XRP could be nothing afterwards etc. At 14 cents, wouldn’t that be another PERFECT buy. Now to flip it, as I mentioned earlier, the news was screaming Bitcoin down peoples throats at 60k. Everyone and their grannies were buying in.
This is another time of extreme fear, I cannot say for sure that it is the time to buy but if you want to increase your bags, under 50 cent is a good price.
I will continue to hold and accumulate more whether it is right or wrong in the shortterm. I know that XRP is worth a lot more than the current price so for me it is just a battle of emotions and patience.
Cathie Wood, Elon Musk and a couple others are all live on a podcast talking about crypto.
All it’ll take is Elon to drop any type of bullish news to see big price action
Thats my slap on the hand telling me not to fuck around again. Out of no where a 10 cent pump. Big news
Remember that your confidence and trust in a project shouldn’t be based on the price movements. You will lose all your money if you do.
When it was at 40 cent and things looked awful, that was the time to buy. The higher the price the bigger the risk. Don’t wait till 1 euro / 1.5 euro to ask if you should buy more, it is sitting here under €0.70 right now.
If you plan to buy now and are looking for shortterm profit, scale in and if price drops you can lower your dollar cost average. I.e if you have 100 euro there to buy crypto with, put 30-50 euro in now. If the price drops, you can snatch it up with the rest of the money and if it rises you can wait for a pull back and load more in.
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Or if you are in it for the longterm, you could just put all the money you have to put in now because XRP at €0.67 is a bargain
I tend to do more of option 2.
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Or if you are in it for the longterm, you could just put all the money you have to put in now because XRP at €0.67 is a bargain
I tend to do more of option 2.