Is it good time to cash out?
People who are an investor in the crypto world usually have this question and sometimes it can even be confusing to decide if it is now the right time to cash out or not. They would like to hold something for a long time but how long is usually the question. I wanted to hold XRP for a longer period of time and I wanted to do something about it only after 5 years. I'm almost near that 5-year mark and I'm asking myself if it was a good decision or not. Today I think it was not a good decision because the XRP that I bought did have some ups and downs in the middle but the overall value has definitely gone down now. Holding it tight has not given me anything.
The bear market is one of the toughest times for people who cash out. If the cash-out value is mostly in a stablecoin, it is not going to make a difference if it is a bear market or a bull market. But if the cash-out coin is usually a coin that has a very bad value right now due to the bear trend, that is when it gives a very hard feeling to do a cash-out. We should also think about something. What if the value of the coin we are withdrawing goes down even further after we cash out?
Booking profits is important
We might sometimes think that this is not the right time to book our profits. But there can be instances where the value of a particular coin might go down even further and in that case it can be very hard to decide whether to cash out or not. People who are long-term investors would definitely know which is the right time to book profit and which is not.
Even in a case where people know that it is not the right time to book profits, they can still do it and later they can reverse it back. I have seen a few people who would be booking their profits and later when the market goes further down, they would bring the money back and invest again. That should be the trend. We cannot keep catching a falling knife, we cannot predict when it will hurt our hands and at the same time, we cannot even say that all the catch would be a successful one.
Bear trend is not a good time to cash out
I personally think that a bear market trend is not a good time to cash out unless there is a huge emergency in the real world. We have had the patience to wait for several years now and people who are holding crypto for longer periods of time definitely know when it is a good time and when it is bad time. Today we think that 50 cents Hive itself is a big deal but nearly a year back the price of Hive was over 1 dollar for a very long time. At that time we did not have enough money to cash out and there was a huge demand for any new projects I personally invested in some emerging projects. Today during the bear market some of those projects have vanished.
If you like what I'm doing on Hive, you can vote me as a witness with the links below.
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your thoughtful insights on the timing of cashing out in the crypto world are spot on. It's a dilemma many investors face, and your experience with XRP highlights the importance of evaluating one's long-term strategy. You rightly emphasize that bear markets can be tricky, especially when the cash-out coin's value is low. Your advice on booking profits wisely and being adaptable in a volatile market is invaluable. The crypto landscape is ever-changing, and knowing when to act requires patience and discernment. Your journey and observations provide valuable guidance for fellow crypto enthusiasts which i indeed learn from and I'm sure to put some of yourinformation and opinions to use. Keep sharing your wisdom, it is worth following.
Thanks for your comments. I will try to share my thoughts and experience on these topics. And yes you are right and there is no one big advice common for everyone. The situation is different from person to person and situation to situation.
Worst time to cash anything out.
hopefully coming up to the end of a two year bear market.
Lots of upsid ein the near future.
I don't want this bear market to keep going for another year either. Many as people predict 2024 can be a good year for us. Let's see.
Holding the XRP for long doesn't guaranty you cashing out, like you said there is no perfect time to cash out but cant one study the market to know when it is high or low?
Yeah not all the time prediction alone works. 🙂
We are in a bear market, don't worry and have patient, you XRP will give you good profit.
Yeah hopefully something like that should happen. Have been waiting for almost 5 years now.