Ripple update: Scenario: XRP Hits The Moon. Now What?
Hi all,
While at work today, I longed for the day when I would no longer be “forced” to show up there every day and could retire or only work for pleasure. I began thinking about what I would do if XRP hit the moon, or the price point where I could cash out enough to where I could do just that. I started trying to plan my moves so that if this were to happen, I wouldn’t be overwhelmed with how I should go about cashing out. Currently, I keep my XRP on a Nano S. Obviously, it would need to be sent to a/an exchange(s) in order to be sold. My questions are:
1. When would you begin to transfer your holdings to exchanges? The day your price point hits, several hours/a day in advance of when you believe the price will be right, etc.
2. Would you transfer everything to your exchange(s) at once? Many people believe in spreading your holdings out across many exchanges so that you then have 3 different withdrawal limits to take advantage of, rather than a single one if it were kept in a single exchange. If you had 3 wallets on 3 different exchanges, would you immediately divide your holdings into 3 groups and send them to their respective wallets, or would you send smaller chunks to each of the 3?
3. Is there anything that prevents the exchanges from just sucking up our holdings immediately once we transfer our holdings there? Obviously our XRP would be very valuable in this scenario, so would it be theoretically possible for the exchanges to just steal anything that is sent to them at this point?
If anything needs clarified, let me know. I’m not really wanting the comments to be focused on whether XRP will take off like many believe. I’m merely wanting to have an idea of how I need to go about this in case it does happen; the last thing I would want to live with is doing something stupid and throwing away a ton of money. Thanks!
About Ripple (XRP)
Ripple connects banks, payment providers and digital asset exchanges via RippleNet to provide one frictionless experience to send money globally. Banks and payment providers can use the digital asset XRP to further reduce their costs and access new markets. XRP is the fastest and most scalable digital asset today.
Author: masonntn
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