Individual Sells XRP Holdings, Wishes XRP Community Well

Gary Cardone recently made headlines after liquidating his 30,000 XRP position at $2.71 for $81,300. In a cautionary move against herd mentality, he shared his decision on social media, outlining six rules that guided his investment philosophy developed over 40 years in finance.

Cardone emphasized the importance of avoiding assets with unclear supply and demand dynamics unless one has a significant edge. He also pointed out the necessity of being able to explain an investment in a simple, visual manner to mitigate risk. Additionally, Cardone advised steering clear of individuals solely focused on price, emphasizing the importance of understanding the underlying value of an asset. He stressed the significance of separating short-term noise from long-term investment strategies and highlighted the benefits of making concentrated bets over an extended period to build true wealth. Finally, Cardone underscored the rule of not following the crowd as the most crucial for successful investing.

Following Cardone’s announcement, Crypto Twitter erupted with mixed reactions, with some arguing that XRP is primed for significant capital appreciation in the long term. One commentator even predicted that XRP could reach values between $8-$10 in the future.

Looking ahead, Bitwise Chief Investment Officer Matt Hougan discussed the growing demand for an XRP ETF, citing the digital asset’s robust community and liquidity on centralized exchanges. He suggested the potential launch of an XRP, Solana, or index-based ETF by the end of 2025. Additionally, Fox Business journalist Eleanor Terrett reported that Grayscale’s XRP ETF (19b-4 filing) has made its way onto the Federal Register, with a deadline for SEC approval or rejection set for October 18.

As the cryptocurrency market continues to evolve and attract more investors, keeping abreast of the latest developments and trends is essential for making informed investment decisions. Stay updated with real-time updates on top stock movements and trading ideas in the cryptocurrency and stock market by following Benzinga India on their Telegram channel. Remember, successful investing involves a thorough understanding of market dynamics and a discerning approach to asset selection.