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Charting the course of XRP


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1 minute ago, Troote said:

We are nowhere near profit taking as far as I am concerned. My price targets are beyond ATH. It will take weeks/months to get there, I am not focused on the short term volatility (although it makes me happy).

This was my other thinking, do we just let this ride as a good thing and then not sell at all and hope it keeps rising gradually. But there will surely be a correction downward at some point soon, possibly today as this run runs out of steam? 

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I was participating undercover :).  The trolls became too overwhelming while XRP was in the dumps, I figure its safe to come out again.

There are actually several lawyers in the crypto space who have analysed the case extremely closely explaining how the case will likely play out. Given that these lawyers are either BTC or ETH maxis a

These threads are being derailed by childish banter, could you please keep things on topic and move your chit chat elsewhere. The forum is becoming less interesting for many of us.

10 minutes ago, B088IN said:

what would be start of that retracement, would it be the whales deciding now is enough profit and sell forcing the rest of the market to join them, or do we think this will hopefully hold if it goes higher then before the SEC announcement prices?

I'm only talking about this move today or within the next 24 hours:

You're right there's some level that they will decide it's enough and the buying will stop and the selling begins. Here is what I am going to be looking for:

A severe retracement, bigger and faster than any seen before (this will be tough to know because every retracement on the way up will look big). Likely it will make a new local low (on a 5 or 15 min chart), then wait for the the pullback of that bearish move. If we make a lower high then it's time to start thinking very carefully. Don't worry about trying to catch the absolute top; it would only be by pure luck if you do. Don't worry if you sell early and it goes a bit more, again: we don't know where the top is and it will be impossible to know ahead of time. It would be good to set some levels in your mind that you would be happy with taking profits and then just stick to them. That's what I plan to do.

Edit: also I should say I am absolutely not selling all my stack. I agree with Troote. I am saving most of my stack for way above the ATH. I have allocated a small amount I want to take profit with on this move.

Edited by Seoulite
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6 minutes ago, B088IN said:

This was my other thinking, do we just let this ride as a good thing and then not sell at all and hope it keeps rising gradually. But there will surely be a correction downward at some point soon, possibly today as this run runs out of steam? 

You can't predict it. And the cost of taxes may be too high for the correction. Assuming the price drops 20% off the top, you'd have to time the "sell the top, buy back lower" to perfection just for the trade to break even. Otherwise you'd lose money and would have been better off holding. And that's for a fairly generous 20% capital gain tax, it might be even worse depending on your country.

Either you are a trader and you know exactly your price targets/tax implications, or you are not. Based on your questions, you have no price target and therefore you are no trader.

So the question becomes: do you think XRP will be up or down from here in 6 months time? That alone tells you if you need to hold or sell. Forget intraday volatility and just sit back/relax.

Edited by Troote
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13 minutes ago, Troote said:

You can't predict it. And the cost of taxes may be too high for the correction. Assuming the price drops 20% off the top, you'd have to time the "sell the top, buy back lower" to perfection just for the trade to break even. Otherwise you'd lose money and would have been better off holding. And that's for a fairly generous 20% capital gain tax, it might be even worse depending on your country.

Either you are a trader and you know exactly your price targets/tax implications, or you are not. Based on your questions, you have no price target and therefore you are no trader.

So the question becomes: do you think XRP will be up or down from here in 6 months time? That alone tells you if you need to hold or sell. Forget intraday volatility and just sit back/relax.

Correct, I am not a trader. My exit points were set a lot higher than we are at the moment, although I have a play stash that I acquired during the sell off when the SEC announcement occurred, that is the stash I am using for this current rise. My main pot I am keeping to my exit points, and they wont start until we are above previous all time high.

I am in a fortunate position to be well in the green with both pots so its just a guessing game with the current rise. I learnt years ago not to try and chase candles, but to stick to your targets, therefore not getting burnt.

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Ok cool, thank you. So I guess you are using the exchange you trade on as the way of watching the market. As I seem to still not have decided which exchange to use, although leaning towards Bitstamp as Uphold seems to keep crashing, or Kracken, I will try out Trading View.

Thanks again

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