Introduction to Ripple
You might have read the news about the acceptance of Ripple (XRP) by UAE-based banks and cryptocurrency exchanges. That is actually great news for people involved in cryptocurrency trading. Now they can easily purchase these coins from banks and exchanges.
With over 39 Billion Ripple coins being circulated across the world, its value is almost half a dollar. That is why you can easily buy Ripple coins and sell when the price increases.
Investing in Ripple
Like all other cryptocurrencies, Ripple’s price also fluctuates. Sometimes it goes down and other times it goes up. If you buy many of these coins at a low price and sell them at a higher price, you can actually make profit in thousands.
Although purchasing this cryptocurrency is not as common as Bitcoin trading, professional traders still know the importance of buying and storing this coin. One thing you need to know is that if you have extra cash in your pocket, it is better to invest it in Ripple coins.
The reason for this investment is simple. First of all, Ripple coins have a much lower value than Bitcoins. Bitcoins are currently valued at 7000 US dollars. Compare this to just a half dollar coin.
If you buy Bitcoin at its current value you would have to pay $7000 for each coin. However, at the same price, you can buy more than 10000 Ripple coins.
According to a strong prediction, one Ripple coin might cost 106 US dollars in 2023. That means you would have to hold the coin for another five years to be able to sell it. This is the second reason for buying Ripple coins.
When you get yourself mixed up in cryptocurrency trading, you should know that you can make higher profits by storing these coins to sell after a few months or even years.
Imagine how much people earned by buying Bitcoin when it had no value and then sold each coin at a price of $19,000. These people had to keep these coins for several years before being able to sell them.
Be Patient and Don’t Panic
Whenever you buy any cryptocurrency in UAE, you need to know two things. Firstly, you have to be patient, and secondly you have to stop panicking when you have bought the coins.
Let’s take an example. Ripple’s lowest price is $0.0029 which was on July 6th 2014. The highest price of this coin is 3.65 US dollars which was on January 4th 2018.
If you purchased 10000 coins at the lowest price and sold all of these at the highest price, the profit margin would be more than $36,000. If you were not patient and sold these coins at a lower price, then you would not have been able to achieve this profit.
On the other hand, if you panicked you might have suffered a loss as well. That is why we recommend investors in cryptocurrency trading to follow these two tips.