Ripple Hiccups - Financial Media Thinks Sky is Falling
The headlines are screaming about Ripple falling and suffering severe losses from the previous day to continue it's "plummet". The news had me scrambling to the exchanges to see the massive damage taking place in my portfolio - how bad would it be? Was I below my acquisition cost? Had it dropped to number three in market capitalization? How long is Ripple going to keep doing this anyway?
When I got finally saw the numbers for myself - I could only shake my head. Plummet? Sharp Losses? What exchanges are these guys looking at? A 10% drop in a crpyo is certainly nothing new - in fact we are used to seeing prices fluctuate as much as 20% in a given day and we don't even break a sweat over it. To see it only drop by a measly 5% - 10% is almost laughable. As if that wasn't enough - by the time I actually looked at the exchanges myself, it had recovered a lot of it's "losses" already - rendering the article practically useless except as a quick moment to moment market update. Ripple is still holding a support line of around .00014800 BTC and has yet to drop below it.
The moral of the story kids, is this: don't let Fear, Uncertainty , and Doubt dictate your moves in the market. Do your research - follow your charts, and make decisions based on what makes sense to you and in the amounts that you are comfortable with. If you are investing for the long haul then don't worry about small fluctuations in the market and look for opportunities to acquire more of the cryptos that you believe in. When I buy a stock or a coin -I am looking at the long term picture of why I want to hold it. If the price goes down - I still have a long term view of the investment - therefore, a lower price is a good indication to me that it is time to pick some more up. If a temporary price drop scares you - then you probably don't have enough conviction for that investment. You may need to re-evaluate your holdings to see if you have the stomach for them.
What Losses?
Did you lose money in cryptocurrecy? Bummer. I have never lost one penny in cryptocurrency. Why is that? Do I know a secret? Am I an insider with privileged information or a stock chart analyst that understands how to project the future of coin prices? NO. NO. and NO. Absolutely not - the reason why I have never lost a single penny in crypto is because in order to sustain a loss - you need to liquidate your assets and end up with less than you started. I have never converted any of my bitcoin back into USD and I have never sold any crypto for less than I bought it for. If it is a "loss" then I hang on to it - you only lose money when you sell at a loss. No one is forcing you to sell your bitcoin when it drops in price - but articles full of FUD scare speculators into selling off their assets at a loss - investors know to hold on to it for the long haul. Stick by your guns, do your research, and only purchase what you can afford t lose.
Do you let the media tell you when it's time to jump ship or do you have your own investment strategy?
Please be sure to check out my others articles on real estate, investing , and cryptocurrency ( and some other random dog stuff)
I always upvote comments to my blog posts
Hodl Ripple! I agree with you. It's only a loss if you sell. I personally am holding my Ripple for the long haul and see this as a great entry point for putting more into XRP! Thank you for your share.
You're very welcome - thank you for checking out my article - I'm going to HODL XRP to the moon!!