As one of the top cryptocurrencies in the market, XRP has many users trying to turn in profits through trading. However, recent developments in the XRP market have prompted an expert to caution against hastily selling tokens.
IncomeSharks (@IncomeSharks), a crypto analyst on X, has recommended a patient approach where users hold onto tokens to maximize potential long-term gains.
Sharing the XRP chart of now compared to the July 13 huge trend, which resulted in losses for some traders due to fear of missing out (FOMO), the analyst wrote, “Promise yourself this cycle you won’t trade XRP if you like making money.”
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The Ideal Approach: Hold for Maximum Gains
Just after XRP’s surge following the court ruling in July, IncomeSharks highlighted that it was the wrong time to buy XRP. He wrote, “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.”
He was referring to the extended consolidation period before the price surge, where XRP had little activity. Those who rushed in when they saw a surge were afraid of missing out, and they lost money when XRP’s price began to drop.
As IncomeSharks put it, “And that’s why you don’t buy giant green candles. You either caught the move or didn’t.” He asserts that the upcoming market cycle will be bullish, and selling XRP too early could result in missed opportunities for wealth accumulation.
“Promise yourself this cycle you won’t trade XRP if you like making money,” IncomeSharks emphasizes in a tweet, accompanied by a chart depicting XRP’s performance over the past year. This chart shows XRP’s period with little activity, similar to the period before the previous spike. Anyone holding XRP now and willing to hold till the next bull market could enjoy more profits than those from July this year.
Read Also: Ripple CTO Schwartz Weighs In On 410 Million XRP Transaction with Unusual 20 XRP Fee
An Effective Strategy
IncomeSharks strongly advises against joining the market at the last moment. Emotional purchases leave people stranded more often than not. He illustrates the importance of avoiding buying during an exceptionally positive market condition.
Ripple recently sealed the deal on its partnership with Uphold, which could positively affect the cryptocurrency. Some financial experts also recently shared their predictions for XRP’s price in 2024, which are all bullish predictions. Everyone can see the next bull market coming, and this is the best time for anyone looking to make money with XRP to buy and hold the token.
However, this report does not represent financial advice. Readers are required to do intense research before investing in any risk asset such as crypto.
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