Before the price of Ripple (XRP) skyrocketed by nearly 4,000% earlier this year, I was not much interested or informed about this cryptocurrency. Off course, I knew about it, and only brought a little of it some time ago. But, I never imagined the potential of Ripple.
Only when I realized that each XRP became valued at around $0.30 a couple of months ago, did I become greatly interested and excited of the upcoming bright future for the Ripple technology. I understood that the $0.30/XRP price is just pennies to what could plausibly be achieved later on if Ripple continues within the right path. After understanding the Ripple blockchain’s partnerships with major banks around the world, I decided why not buy into this crypto even more.
Therefore, I have decided at one point that it would be a great time to sell some Ether in exchange for Ripple. Yet, at the time of the decision the price of Ether was significantly reduced to high 100’s each. This was greatly less than the previous price of mid 300’s each just several weeks prior. So, my final decision was to wait until Ether price would get back to the 300’s before I make the switch.
Today, after a week of being completely idle from observing cryptocurrency prices, I discovered that Ether was back to 300’s ($311/Ether at the time of writing). So, my automatic response was no more waiting, and I sold some Ether and purchased some more XRP. This seems like a great idea, as the current XRP price is nearly half (at around 17 cents each) compared to its all time highs from several weeks prior. My next steps would be to again stop looking at any cryptocurrency prices for a few days, and start believing that I made the right trade at the right time! And, I would try not to be concerned in comparing the prices of today’s Ether & XRP with the prices of the same coins sometime in the future. I know what I am doing in regards to cryptocurrency trading!