Today the whole day I was outside doing some shopping with my wife. When I came back home and checked the market, I noticed that XRP had a huge pump today. This is something that I was expecting. Whenever there is a good time for BTC, it is pretty obvious that the other coins will also join the party at one point in time.
The above image shows the graph of XRP in the last 5 years. There can be several reasons for the pump which I'm not going to go into details. But for me, I personally feel that when BTC is reaching its peak value, people would sell their holdings and cash out. When they cash out, I'm sure they wouldn't take the money back to the real world but most people might try to reinvest them on some promising cryptocurrency.
I guess that is what is going to happen if BTC continues to pump. There will be many investors who would try to book profits from BTC and use that money to invest in other cryptocurrencies. This is just my theory. It may happen or may not happen. But I'm going to stay a bit positive about this.
Today's pump somewhat rings a bell in me saying that some people have already started booking their profits by selling their BTC or ETH holdings for the good price that it holds currently and trying to purchase some altcoins out of it. I noticed that some good altcoins had a decent pump today. The image above shows a list of coins that had a good pump today. The good thing is I own some of these coins. At least a little quantity.
Among all these coins XRP is at the top. I believe this can also be because of the recent airdrops that were announced based on XRP holdings. People are maybe trying to purchase some XRP and hold them to get the airdrop. It can even be a FOMO for people. I'm not sure what value the new coins can end up with but I'm sure XRP is definitely having a great time.
Whatever triggered the pump, what is your thought on this? Do you think that this can be a start for the alt season pump? In my opinion, yeah this event can be one strong reason for the altcoin pump to start. Some people who really believed in XRP and bought XRP for a very cheap price might use this opportunity to double their portfolio.
In my case, I bought XRP when the price was over 1.5$. I may not be able to reap any profits as of now or be very happy with today's pump. Maybe if the price of XRP crosses over 1 USD, I might find it really interesting. Let's see how far this goes. Right now I have my XRP holdings on Crypto.com as a deposit that also gives me some interest based on the value of my deposits. Hope this XRP pump continues for some time until it reaches my bought price. I would be happy to sell my XRP if the price hits 2 USD which is when many of my friends also bought the tokens.
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