Should You Avoid Trading XRP?
According to a Twitter user called IncomeSharks, it may not be a wise decision to trade XRP if your goal is to make money. IncomeSharks advises traders to stay away from the asset, highlighting that there have been ample opportunities in the past 15 months when the price ranged between $0.30 and $0.60. The user suggests that those who are considering entering now could be seen as “emotional FOMO buyers.”
“Promise yourself this cycle you won’t trade $XRP if you like making money. There were 15 months you had a chance to buy and hold if you liked this coin. Buying here on this candle is what separates traders from emotional FOMO buyers,” the analyst stated.
XRP’s Recent Surge
XRP has experienced a significant price increase recently, reaching a two-month peak above $0.58 on October 24. This surge can be attributed to both the overall market rally in the cryptocurrency sector and Ripple’s successful legal battles against the US Securities and Exchange Commission (SEC). Ripple has achieved three crucial partial victories in court, which has strengthened its position in the lawsuit.
If Ripple secures a favorable outcome in the spring of 2024, it could potentially lead to another rally for XRP. For those interested in short-term price movements of XRP, you can watch one of our latest videos below:
Hot Take: Beware of Emotional FOMO Buying
While XRP has seen a recent surge in price, it’s important to approach trading with caution. IncomeSharks warns against buying XRP at its current levels, emphasizing that there were ample opportunities to enter the market at lower prices in the past 15 months. Emotional FOMO buying, driven by fear of missing out, can lead to poor trading decisions. Instead, consider evaluating the potential outcomes of Ripple’s ongoing legal battle with the SEC in 2024, as it could have a significant impact on XRP’s future performance.
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