For those that are newish to crypto

Guys don’t panic about the price, crypto is the most volatile investment there is, it’s normal for it to go up and down. The better known crypto’s are always safer but it’s more for the long term investment, although it’s still very volatile and carries significant risk. If you invest in a more unknown coin that is still establishing and the use case is not yet set that’s where you need to be a bit more over cautious if you’re putting a lot on it. XRP is somewhat established, it’s a known crypto that is making good progress with its use case but still needs to develop but it’s getting there.

Crypto is not somewhere you get rich quick (although considering other investments it can be taken as that) you’re in it for the long run unless you get extremely lucky with timings. Look at Bitcoin and the time it’s taken to get to the level it has, it was not something that happened overnight but years.

Never panic sell a crypto like XRP unless there is a very very clear reason it’s going down. During dips before making any decision to back out give a quick google to see what’s going on in the news, there are plenty of sites that cover events that can affect crypto. If there isn’t any clear damaging events just try to hold out as it will most likely recover (sometimes very fast other times it can be a painfully prolonged wait). Most big dips are due to price targets people have set and start selling large amounts off as their profit goal has been reached, this gets worse when people panic sell on top.

Speaking of this, it’s always a good idea to set targets and stick to them, one good way of doing it is by setting a return % and sell a portion of your portfolio when your targets have been hit, not necessarily your whole investment if the price still has potential to carry on increasing but enough that your happy with the return.

For example I like to sell 20% of my crypto when the return on that 20% hits a little above my original investment on that coin as a whole. That means I’ve got back what I put in but still have the 80% there for future gains.

Don’t ever spend more than you can afford to lose or has a damaging impact on your life. I like to invest into crypto when I feel like buying something I don’t necessarily need and is a luxury I can live without, I tell myself ok if I’m going to spend this on that but don’t really need it I can invest that money instead. Having that mindset also helped me quit smoking too which is obviously a positive because the want to invest that money was stronger than the addiction luckily haha.

I am not a financial advisor nor should you base financial decisions on what I’ve said, always make decisions for yourself taking into account your financial circumstances. What I’ve said is just my personal take which has worked for me but everyone is different.

Edit: Just want to add as there is a lot of talk of whales selling off, what I’ve said above is relevant to any kind of trading and is kind of a professional stance. I don’t believe anyone is selling off to “scare you” they have just hit their set targets for returns and have sold, you’ll find many won’t have sold everything and done things a similar way I’ve outlined above. At some point everyone is going to sell, everyone’s targets/milestones are different and XRP has hit some fairly big ones very fast. I’ve posted this so people hopefully have more of an understanding of that and are less likely to panic.