The market of cryptocurrency is blooming and the rise of cryptocurrencies has paved the way for a new path to make profits. The real-world applications of cryptocurrencies have further increased the value of cryptocurrencies. There are few digital currencies that are dominating the market of crypto and have been valued at lakhs in the current date.
One such cryptocurrency making waves with its formidable applications is Ripple. The rate of 1 ripple to INR is 76 rupees at the beginning of December 2021. Although Ripple is popularly known for its applications, it is also gaining popularity amongst experienced investors as a way of earning profit and is gaining trust as a reliable investment. Despite the volatility of the crypto market, Ripple has managed to power through and make a name for itself.
There are a few ways you can ensure you make a profit with Ripple. Let us look at a few strategies that you can adopt as a beginner.
Strategies to adopt while ripple trading
- Look at the charts – Whether looking at intraday trading or long-term trading, you need to use all the tools at your disposal. The graph of values helps you understand patterns in the past. If you are looking at intraday trading, you can look at the 5-minute or 15-minute chart. By doing this, you can understand the price action and once you are familiar with these you can progress to the 1-day chart. If you are looking for long-term investments, then it could be beneficial for you to look at the 1 month and the 1-year chart to map your course. The year chart is a great indication of Ripple’s performance through the last year. Dropping values does not necessarily mean that you will lose your invested capital.
- Mark your windows – Unlike the stock market, the crypto market is open 24 hours a day without any holidays or weekends. This means you need to be more attentive as there could be fluctuations and it also means you have more opportunities to make profits. Marking your windows is particularly important in the case of intraday trading. Identify the time during which the values drop or rise and mark those to buy or sell your crypto.
- Set your stop loss – This is an important feature that should be considered especially since it’s a 24 hours market and you cannot be glued to the updates. Set a limit and when the price hits that bottom, your crypto is automatically sold. This can help you cut losses before you lose a bigger sum. It is advisable to set the stop loss just below the buying price.
- Set a target – When your target of profits has been reached and it’s time to gracefully bow out, you should be able to do that without having to stress about the rise. Setting a target in such cases is a good idea.
- Where to buy Ripple – It is important to consider the crypto exchange platforms available and understand which one has the best record.
- Liquidity – You definitely would want to look at a platform that can liquidate your assets immediately. There are some platforms that give the payout after a couple of days and such platforms should be avoided. The ease of transactions, whether it is buying and selling crypto or changing the crypto to FIAT currencies, the liquidity factor should not be overlooked.
- Look at the history of the exchange during uptime – How disappointing it would be to lose an opportunity to make a good profit because your crypto platform failed to deliver and was down during the time of need? The volatility of the market demands quick actions and you should check the history of the app or website before trading on that platform.
- Stay alert and keep checking the news – Cryptocurrency is still a foreign concept to many and the news of the global digital currency is not shared on TV news or in newspapers. The value of Ripple depends on and goes up in case of the adoption of Ripple by banks, the performance of Bitcoin, and any new partnerships Ripple may announce. The value of Ripple may go down in case the supply increases, lawsuits, and in case Ripple sells off its XRP holdings. This is why you must keep checking for any updates from the company.
If you are thinking of how to buy Xrp in India, it is quite easy. You can head to CoinSwitch and get started by verifying your details and starting your account. All you need to do is add funds to your account and get trading.
Trading in Ripple can be overwhelming and these are a few ways you can ensure you get started.