Ripple XRP

tKerrie84

I have been considering buying into Ripple XRP - does anyone have any pros or cons they can share please?

bowlhead99

Firstly, check the title of your own last thread and ensure you are not setting yourself up to be a victim of something.
Then,

Pros - you might make money and be the envy of your friends.
Cons - you might lose some or all of your money and be financially worse off as well as being embarrassed that you had done something silly.

Another_Saver

This is copied from my last post about bitcoin (https://forums.moneysavingexpert.com/discussion/comment/77716012#Comment_77716012), the same points apply:

Firstly bitcoin is not an "investment" per se. It's a digital currency or commodity, completely unregulated, with no FSCS protection of any kind at all, which pays you no interest, rent or dividends like a savings account, bond, buy to let property or share in a company would. There is absolutely no certainty at at all that it will generate a positive return, in the same way a savings account or an investment into a good multi-asset fund or broad global index fund is almost guaranteed to over the long term, barring an apocalypse.
Secondly it is extremely volatile.
Thirdly, the only people who "invest" in it are bitcoin cultists and the people stupid enough to be duped by the bitcoin cultists.
Now, it you're willing to accept all that and think "ok, maybe I would still like just a little of my wealth in bitcoin, say 1% or so" you run into the next problem.
The "bitcoin investment industry" abounds with scams.
Bitcoin "brokers" come and go all the time and when not if the broker you choose goes under, you're unlikely to have any recourse to recover your bitcoins.
Finally, if you have to ask on this forum a bunch of strangers on the internet whether "investing" in bitcoin is a good idea, this demonstrates that you do not understand it nearly well enough and should stay away.
This comment was sponsored by common sense.
Bitcoin bros telling me I'm wrong in 3, 2, 1...

[Deleted User]

Get yourself a Coinbase account and test the waters out with £10 or £20 and watch it go up and down. Also plenty of other coins on there but I don't think I would risk putting big sums in.

Cactus_Jack

tKerrie84 said:

I have been considering buying into Ripple XRP - does anyone have any pros or cons they can share please?

Like most crypto, the pros and cons are that you could make a lot of money, or conversely lose most of your investment. At the very least you would need to be prepared to see the value go up or down by extreme amounts, potentially for multi-years.

Ripple are wanting regulatory clarity, if XRP is deemed a security token in the US, it may fall in value. If it is deemed not a security, like Bitcoin and Ethereum likely aren't, it could rise in value. It also follows cryptocurrency market cycles. If you are still interested, there is a decent forum called XRP Chat that you could Google.

Retter

I have a little over 550 XRP. I bought it through Revolut (probably not the cheapest way) as it is easy to convert back into real money. It is purely a punt and off the back of advice from a lunatic who I don’t remotely trust. My small investment has appreciated around 20% so far. I’m holding it in case it goes silly (like Bitcoin). 
If you are interested buy a bit but only with funds you are happy to lose. 

solidpro

Retter said:

I have a little over 550 XRP. I bought it through Revolut (probably not the cheapest way) as it is easy to convert back into real money. It is purely a punt and off the back of advice from a lunatic who I don’t remotely trust. My small investment has appreciated around 20% so far. I’m holding it in case it goes silly (like Bitcoin). 
If you are interested buy a bit but only with funds you are happy to lose. 

I am in exactly the same situation. It was like putting everything on a horse without knowing any of their names or history but maybe, just maybe.

Malthusian

Deleted_User said:

Get yourself a Coinbase account and test the waters out with £10 or £20 and watch it go up and down. Also plenty of other coins on there but I don't think I would risk putting big sums in.

The usual things that happen when somebody does that are:

1) It goes down, they say "what a waste of time", and either forget about their ~£5 or withdraw it

2) It goes up (or down and up) and the next time Ripple gets pumped, they kick themselves for only putting in £10 when if they'd put it in all their money they'd be sitting on a 100% profit. So they put the rest of their money in, to make sure they don't miss out on further gains, and lose a lot of it when the price dumps. (As the majority of punters in zero-sum games always do.)

There is nothing you can learn by investing a small sum or pretend money that you can't learn from the outside.

[Deleted User]

Malthusian said:

Deleted_User said:

Get yourself a Coinbase account and test the waters out with £10 or £20 and watch it go up and down. Also plenty of other coins on there but I don't think I would risk putting big sums in.

The usual things that happen when somebody does that are:

1) It goes down, they say "what a waste of time", and either forget about their ~£5 or withdraw it

2) It goes up (or down and up) and the next time Ripple gets pumped, they kick themselves for only putting in £10 when if they'd put it in all their money they'd be sitting on a 100% profit. So they put the rest of their money in, to make sure they don't miss out on further gains, and lose a lot of it when the price dumps. (As the majority of punters in zero-sum games always do.)

There is nothing you can learn by investing a small sum or pretend money that you can't learn from the outside.

I put £10 in Coinbase 2 years ago and it currently stands at £54.47 at the time of posting this reply, although it's spread across a range of coins. It has been as high as £70 at one point and around £30 a few weeks ago.

Retter

Malthusian said:

Deleted_User said:

Get yourself a Coinbase account and test the waters out with £10 or £20 and watch it go up and down. Also plenty of other coins on there but I don't think I would risk putting big sums in.

The usual things that happen when somebody does that are:

1) It goes down, they say "what a waste of time", and either forget about their ~£5 or withdraw it

2) It goes up (or down and up) and the next time Ripple gets pumped, they kick themselves for only putting in £10 when if they'd put it in all their money they'd be sitting on a 100% profit. So they put the rest of their money in, to make sure they don't miss out on further gains, and lose a lot of it when the price dumps. (As the majority of punters in zero-sum games always do.)

There is nothing you can learn by investing a small sum or pretend money that you can't learn from the outside.

All true and an easy trap to fall into. The amount of nonsense from crypto commentators is nauseating and I have reached the conclusion that they are either trying to pump or don’t actually know anything and think that if they say enough they’ll be right sometime. 
I don’t intend buying any more XRP. If it does indeed go to the moon I’ll be content with whatever I take from it. 

[Deleted User]

Please, why? XRP is not even a cryptocurrency. I say that as true crypto fan.