How do I sell XRP fast if the price suddenly spikes?

Market Analysis
1

Hi everyone, I have a question I need help with:

Let’s say I’ve got some XRP on Binance and the current price is $0.56. Suddenly, in a couple of days, the price jumps to $100 per coin.

  1. Can I just convert my XRP to USDT on Binance to lock in my profit?
  2. Is there anything else I need to know or do to protect my money?
  3. Are there any risks I should be aware of when trying to sell during a price spike?

I’m new to crypto, so any advice would be great. Thanks!

2

The chance of XRP going up to $100 in a couple days is 0%

3

CathyGenesis said:
The chance of XRP going up to $100 in a couple days is 0%

You mean ever

4

CathyGenesis said:
The chance of XRP going up to $100 in a couple days is 0%

I know it’s hypothetical

I just want to understand what steps to take if the price gets that high. How can I make sure I take advantage of the situation on Binance?

Is converting to USDT the only thing I need to do? Binance says the conversion has 0 fees, but is that enough to lock in the price?

5

@Mckinley
Yeah, just convert and you’re good. Nothing else to do.

6

There wouldn’t be enough USDT, Binance would probably stop withdrawals :joy:

7

It might be fine to sell, but Binance probably doesn’t have enough USDT to cover everyone if all the XRP holders try to sell at the same time. That would cause USDT’s value to drop, and people from other exchanges would start selling it to Binance for higher prices.

I doubt Binance would go under, but it would be one of those big crypto moments for sure.

8

@Drue
So what do people usually do in this kind of situation? How do you take advantage when a coin’s price goes up like that?

9

Mckinley said:
@Drue
So what do people usually do in this kind of situation? How do you take advantage when a coin’s price goes up like that?

It’s not something that happens often, but if it does, you could use a different exchange.

Most exchanges don’t stop trades on a coin unless something crazy happens. If XRP hit $100 tomorrow, they’d probably pause trading for a bit to figure out what’s going on, but they’d eventually open it up again.

10

BTSE offers a lot of bonuses and rewards. They have promotions and trading events, and the fees are low. They also support both fiat and crypto, so it’s flexible if you want options.

11

Zoren said:
BTSE offers a lot of bonuses and rewards. They have promotions and trading events, and the fees are low. They also support both fiat and crypto, so it’s flexible if you want options.

I’ll check that out, thanks!

12

Keep in mind Binance has some of the highest spreads on any exchange. If you try to market sell at the top, you’ll lose at least 4%. The best strategy is to set limit sell orders in advance.

13

First mistake is holding XRP at all. This coin has peaked. It’s over.

Second mistake is thinking any coin will jump 200x in a short time. These things take weeks or months. You’ll have time.

14

You should learn about limit orders or take profit strategies.

15

If XRP hits $100, sell it and enjoy your life :joy: You could also try earning USDC on Despark by participating in Web3 research. Just a thought in case XRP doesn’t hit the moon :rocket: You can earn about 60 more XRP through their missions, so if it goes to $100, you’ll be laughing :joy:

16

@Hannah
:joy: Thanks for the info. Let’s hope XRP takes off :pray:

17

Mckinley said:
@Hannah
:joy: Thanks for the info. Let’s hope XRP takes off :pray:

It hasn’t taken off in five years.

18

Hannah said:

Mckinley said:
@Hannah
:joy: Thanks for the info. Let’s hope XRP takes off :pray:

It hasn’t taken off in five years.

Yeah, I know. But with all the recent news, I feel good about it. Stuff like:

  • The SEC lawsuit might end soon
  • Japan adopting XRP
  • Ripple planning to burn a lot of XRP
19

@Mckinley
We’ll see… There’s been good news over the years, but XRP still moves like a stablecoin :smile:

20

@Mckinley
Save yourself. Buy anything but XRP. It’s a waste of time.