XRP followed the broader market decline, raising concerns among participants looking for smarter ways to benefit from cryptocurrencies. In response, a prominent cryptocurrency analyst recently shared two main strategies for navigating the turbulence.
In his recent commentary, cryptocurrency expert Austin Hilton highlighted these strategies for building wealth with XRP. He emphasized that becoming a millionaire with XRP requires knowing your cost basis and having the patience to hold long-term.
Key Strategies to Become a Millionaire with XRP
According to Hilton, knowing your cost basis, which includes the amount of XRP you own and the price you paid, is essential for accurately tracking your position. This clarity helps you make informed decisions and avoid emotional reactions during market swings.
To help manage volatility, he recommended adopting a dollar-cost averaging (DCA) strategy. By gradually building your XRP holdings over time, you can reduce your average purchase price and increase the likelihood of long-term appreciation. Hilton stressed that success comes from being consistent and intentional with each action.
The expert also highlighted that patience is as crucial as entering XRP when seeking to become a millionaire. He noted that there are no shortcuts to wealth in cryptocurrencies, adding that time remains the most effective strategy.
To support this point, Hilton pointed to XRP's past performance, including a nearly 500% increase at the end of 2024. He believes that similar price movements are possible with enough time and consistent commitment.
Ultimately, achieving millionaire status depends as much on how long you hold as on how much XRP you accumulate. For example, holding 10,000 XRP could yield $1 million if the token reaches $100, while only 5,000 XRP would be sufficient at a price of $200.