These days, many crypto investors tell stories of how they made it from nothing to multiple zero figures. Hence, newbies are agitated and eager to achieve a similar result. However, we need to confirm the possibilities of getting rich through cryptocurrency.
Research shows that many great investors emerged from online trading, while some aim at the top. For every investor’s successful story, certain factors back it up. These include the number of coins in the wallet, trading expertise, and consistency.
Furthermore, this post explains the chances of becoming a millionaire when one trades or buys Ripple.
What Does Investment Mean?
Investment to a layman would imply putting your money into a business while lazily expecting some return on investment. This perspective towards investment is similar to the Ponzi scheme technique. Meanwhile, investments include risk and extra energy as an investor, especially in the cryptocurrency market.
When Do I Buy Ripple?
There are several cryptocurrencies available, including Ripple. Whenever the crypto market is in its bearish season, “buy the dip” becomes the slang of many investors. Many people believe investors can earn high profits in the future when they buy at the current low value. Meanwhile, the amount of coins in the digital wallet is of significance.
Reddit is a platform where you will see amazing testimonies, but do not be carried away by “results” that are too good to be true.
Now, when do you buy Ripple? Buy the cryptocurrency at a rate lower than the amount you would sell it in the future, either near or far. Often, the market is more favorable to buy during the bear season and sell during the bull season.
Case Study of a Cryptocurrency Millionaire
According to Bitvavo, Ripple is the easy form of payment from hectic bank transactions.
“Ripple is the payment protocol that is primarily aimed at streamlining the mutual payment transactions of the bank.”
Sometimes, you do not just need to buy Ripple. Consider the amount of coin value you want to risk? This article discusses some investors that have become millionaires through cryptocurrency and the main factor behind it. By doing so, you can decide the amount of risk you are ready to take.
Erik Finman is a young rich investor who started investing in Bitcoin at age 12. Whether to buy Ripple or not, you need to consider market capitalization. A major mistake of new traders is assessing digital assets based on price, which does not apply to every sense of investment. Bitcoin may be more expensive than Ripple, but what value can you get from trades?
Erik invested in the top cryptocurrency when it had little competition and has not grown in popularity as we have it today. In 2023, Erik invested $1000, which was a huge amount back then. We are currently in 2023, so try to estimate how much an investor would need to beat a high Return on Investment (ROI). Consider the increase in market price and high economic rate. In other words, an investor who wants to become a millionaire from buying Ripple or any other cryptocurrency would need to invest about $1000.
Why do I need to invest above $1000?
You are probably wondering why you need to invest above $1000 to become a millionaire. This remark is not a compulsion. It is a fact drawn from the market study and thorough research.
Get a broad insight before drawing your conclusion about the value a cryptocurrency can offer you. Many people argued about Ripple quality because the price per unit is currently low, which is not the accurate measure for a currency value. It is only wise to earn up to $5000 of Ripple before assuming to be a millionaire. Since cryptocurrency is highly volatile that it is impossible to predict Ripple’s price accurately in the next decade, you can save up some coins at the moment. You might be lucky to hit the jackpot by the next decade.
Conclusion
Interestingly, cryptocurrency investment is a freelance career most people enjoy. When you buy Ripple, trade it on trusted platforms like Bitvavo. You need to do adequate research and gather as much knowledge as you can. While at it, look into the cryptocurrency tempo and history to decide if it is the best choice for you. This article recommends you buy Ripple because it has a large-based community, making it impossible to run out of the market despite the tight cryptocurrencies competition.
Article by Born Realist