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Gary Cardone Offloads 30,000 XRP at $2.71: Believes ‘XRP Army Won’t Get Stupid Rich’
Finance veteran Gary Cardone has made a surprising move in the cryptocurrency market, offloading his entire XRP position at $2.71. The whopping 30,000 XRP sale translates to an $80,000 portfolio liquidation. In a recent tweet, Cardone explained the reasoning behind his decision, drawing from his decades-long experience in the finance world.
Cardone’s tweet shared a screenshot of his sale, where he had divested himself of the significant XRP holding at $2.71. He wrote, “I genuinely hope the XRP army gets stupid rich. I don’t think you will, but my best hopium is out to each of you.”
The renowned financial expert’s decision was guided by his well-established investment principles. These rules are a culmination of his extensive experience and knowledge in the finance sector.
Firstly, he adhered to Rule One: If the supply/demand dynamics are unclear and you don’t have a serious edge, stay out. His inability to grasp the underlying value proposition of XRP led him to exit the token.
Secondly, Cardone followed Rule Two: If others can’t explain it clearly or draw it on a whiteboard, avoid it. He emphasized that he didn’t trust people who know the price of everything but the value of nothing, implying that his decision was not influenced by hype or speculative fervor.
Furthermore, the veteran financier stuck to Rule Three: Don’t trust people who know the price of everything but the value of nothing. This principle underscores the importance of understanding the underlying fundamentals before making any investment decisions.
Moreover, Cardone’s actions were informed by Rule Four: Don’t confuse short-term market noise with long-term investment goals. His decision was based on his conviction that XRP does not align with his long-term financial objectives.
Additionally, he adhered to Rule Five: True wealth comes from long-term, consolidated bets and investments. His reluctance to hold onto XRP underscores the importance of sticking to a clear investment thesis.
Lastly, Cardone’s decision reflects adherence to Rule Six: Never follow the crowd — always trust your own judgment. This principle highlights his commitment to making informed decisions rather than succumbing to market trends.
The crypto community has been quick to respond to Cardone’s tweet, with some criticizing his move while others commending it. One host of the Good Morning Crypto show remarked that “Anyone can do as they please, time will tell if this was the right decision.” Another commentator responded by suggesting that XRP and Stellar (XLM) may still have long-term potential despite Cardone’s exit.
The implications of Cardone’s move are far-reaching, sparking debate among cryptocurrency enthusiasts. While some argue that his decision is shortsighted, others believe that it highlights the importance of sticking to one’s investment thesis.
As the dust settles on this development, it becomes increasingly apparent that the crypto market will continue to be characterized by volatility and unpredictability. The sudden shift in sentiment, however, underscores the need for investors to remain grounded and make decisions based on rigorous analysis rather than emotional impulses.
The author of this article does not hold any XRP or other cryptocurrencies mentioned in this piece.
Source: coinpedia.org
