In the world of crypto, people often find themselves taking high risks, hoping they can profit substantially.
One TikTok user's story serves as a lesson about the risks of irresponsible investing. The person in question made a daring move by mortgaging his house to invest in XRP, back in February 2022.
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Money_talk_tok, a TikTok influencer with 56.5K followers, shocked his audience on February 24, 2022, when he revealed that he had placed a massive bet on XRP.
At the time, XRP's price was around , and he made the wild move of mortgaging his house, to invest $500,000. The influencer told his followers that the reason why he did it, was due to his belief in the investment philosophy: "Be greedy when others are fearful and fearful when others are greedy."
While the market initially favored his move, with XRP experiencing a considerable surge, it eventually dropped by 59% from his buying point. This drastic drop meant that his $500,000 investment had crashed to $205,000, in just 114 days.
At the moment, money_talk_tok's investment remains in the red, with a loss of approximately 33% from his initial value. Although XRP pumped 103% off its bear market low, it has since retraced, impacting his portfolio.
In his perspective, he has not technically lost money, since he did not sell any of his XRP holdings. He believes that "1 XRP = 1 XRP".
XRP's All-Time High corresponds to , it has dropped ~88% ever since. At the time of writing this article, the coin is trading at
Before diving into crypto investments, remember to DYOR (Do Your Own Research) to avoid unnecessary risks.
