In the past six months, the cryptocurrency market has witnessed bearish movements. Indeed, whales have had to make a tough decision to either hodl or sell off their cryptocurrency. The cryptoverse has been full of drama as a result of the free fall of virtual currency prices.
However, this is not the first time an event like this has happened. Recall that in December 2013, the market sank by 90%, shattering Bitcoin (BTC) from $1,250 to $100. Though, the market would later stabilize and pick up. Ripple (XRP) is arguably one of the most stable in the market and it fell by 93%. How terrible!
Hodl or Dump Ripple (XRP)
In the light of all these negative trends, XRP hodlers may be at sixes and sevens now. Truly, it’s a tough time to be a whale, but taking risks is an important recipe for potentially making money. Consequently, they may be puzzled with the hard choice of either keeping their investment or selling it off. So, this piece will help all weak hands and disappointed bulls make informed decision.
Understanding “Trading”
For many bulls out there, trading is all about making strong profits. However, there are three main categories of trading by duration:
- Day trading: Where trades happen between one and twenty-four hours.
- Short-term trading: In this case, trades happen within a week
- Swing trading: Apart from Day Trading and Short-term, Trading swing or just Swing is the last category. Here, the traders hold trades for several months.
Basic Trading Clues
Consciously or unconsciously, most whales have practiced all these categories of trading. All those were tried in a bid to make profits, which is the essence of trading. In the course of trading, prices reach set values and drop, making a trader lose money. However, monitoring one’s trades to know when to open and close orders remains the best pathway to making profits.
Buy and Hold (Hodl) Strategy
Splitting the two strategies, you can start with the buy strategy. Well, the buy strategy is a simple principle of waiting until the price is cheap and fairly stable before buying. You could wait for three, four, or even more months. Then you will wait for years (or whenever) for the market to jump to the moon before selling. The later is hold or hodl strategy. American billionaire Warren Buffet made good profits by employing the buy and hold strategy.
Last Words
In summary, the hints discussed in this piece should be your guide. Obviously, new entrants are disappointed with the current downward trend. Though, bears and bagholders are well aware that it will only last for awhile. XRP has made efforts to get better in the last couple of months, so its adoption rate is increasing. So, you might want to hodl your XRP as there could be light at the end of the tunnel.
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