If you trade on eToro – ‘The Social Trading & Investment Network’, you’ll be more than aware of the number of people whom continuously rant on the XRP page about how the price isn’t going anywhere, how it’s such a “boring” investment, and more of a “cripple than ripple”. Sigh.
Look, you don’t need to read all of this article. In fact, if you’re just wanting to know when we’ll be off to the moon, head on down to near the bottom of this article with the heading, “When are we going to the moon?“
But where does this negative outlook stem from? Well, I believe there’s several answers to this, some of which are perhaps overlapping:
Potential reasons for negativity towards XRP
- BTC FOMO (Fear Of Missing Out)
I’m certain that if it wasn’t for Bitcoin and a few other alternative coins that are going astronomical over the past months, then XRP “investors” wouldn’t be so negative.
- Poor understanding of trading
The remarketing campaigns that eToro deploy (adverts found across the web) seem to be targeting a certain type of customer, with a certain type of ad. There are ads that I’ve seen that mention insane returns, which, of course, can be factual, but unfortunately, eToro also focuses very much on how easy it is to get trading on their platform. And don’t get me wrong, it is… it’s just as simple as this eToro ad states:
As you can see from the above video title, it states, “Hot to Invest in Ripple in 16 Seconds!” and then states the following steps;
1) Click ‘Trade’
2) Enter amount
3) Hit ‘Open Trade
4) “Then enjoy”
And, again, to be fair, that IS how simple it is to get trading. Unfortunately, unless you delve a little deeper in to trading (not just on eToro, but in general), you can come unstuck very quickly.
Anyway, I’ll post an update another time about the pitfalls people need to look out for when it comes to eToro as a newbie, but yes, I believe this is the other key issue – newbie traders that are swept away with the hype and excitement of cryptocurrency.
Is Ripple really a “cripple”?
No. Sure, it’s not going “to the moon” like Bitcoin, and although I do hold Bitcoin, I do not trust it, neither do I think the all time highs will last. It is a rubbish coin, but unfortunately, it was the first and it’s the one that gets the hype – I’ll be talking about why BTC hasn’t got such a sunny future very soon, but for now, let’s look at why Ripple Labs XRP is not a cripple – it can be summed up in just 1 chart over a 6 month period:
Note the trendline that clearly shows how the dips are not going to previous lows, consecutively over a 6 month period now. If you can’t get excited about that, then, well, I don’t know what to say!
Are we going to the moon yet?
NO. No, no, no and no. As shown by the graph, the general trenline for the lows are picking up month by month, but this is not what gets us to the moon, but it does give you targets to look at for short term buy, sell and close points, i.e., tougher and tougher to be able to open a new buy position at 0.20, but you can also see the spikes at the point of which you could keep closing positions. THAT’S how you can make weekly/monthly profits with XRP, by studying the charts and trading on these types to dips and peaks.
When are we going to the moon?
You know what also makes me *lol* about a number of trading newbies that are on eToro? The continuous, unsubstantiated comments (“facts”?) of “HODL” because “It’s going up, we’re off to the moon now!” No, please, just shut up.
Telling people to “HODL” (a term that makes me cringe by the way) isn’t going to get XRP to go the way you want it to. IF you think, we, as the public can have an impact on this price going to the moon, I dare say you are probably already living there, as you’re talking nonsense, thus, can only assume you are in an oxygen deprived environment.
You know what will make the XRP price “go to the moon”? Corporate uptake. I’m talking about the financial sector, and, well, any large corporation that would make use of 1) lower costs of international money transfers and 2) speed of which point 1 takes. As stated by Ripple Labs key Cryptographer, David Schwartz, below:
XRP becomes dominant settlement currency, new corporates stockpile it for cheap/fast payments.— David Schwartz (@JoelKatz) December 9, 2017
So, investing in XRP? Great. Just remember, the ONE thing that will take this baby to the moon is the adoption of banks, the wider financial industry and large corporations.
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