With the market continuing its bearish trend into Q3 2023, investors are scouring the market for ways to offset and hedge against losses.
Here are three coins selected for their potential to bear-proof a crypto portfolio in 2023.
Ripple is undergoing a renaissance phase after securing a partial victory against the SEC in its highly-publicized lawsuit. A US judge ruled that XRP is not, as asserted by the SEC, an unlicensed security, giving Ripple the upper hand in the ongoing legal battle.
Price shot up over 70% following the victory before ticking back down, but the coin has already demonstrated one thing very clearly – another win against the SEC could precipitate another massive upward price movement. As the SEC case is far from over, it’s likely that discerning crypto users will be attempting to time XRP long and short calls in sync with upcoming court rulings in the case, creating plenty more opportunities to capitalize on the price swings.
Cardano is one of the most impressive projects seen in the last few years in crypto, and served as a safe haven through the latest crypto winter for many investors. While altcoins were tanking in 2021, ADA saw repeated price spikes, becoming a favorite among the crypto community.
Two factors are now at play. Firstly, ADA has fallen significantly from its all-time high. Second, Cardano is now the most actively developed project in the entire crypto industry. The amount of time, effort, and funds being put into improving the project could well pay off in dividends for those who time their investments wisely, making ADA a very attractive choice for those seeking to avoid bearish price action in late 2023.
El Hippo (HIPP)
Just like Bitcoin can reduce volatility in a mainstream financial portfolio because of the disproportionately high potential ROI, the inclusion of a meme coin like El Hippo can be a real wild card in a crypto portfolio.
If you’ve already stacked your deck with coins like Bitcoin, Ethereum, Ripple, and Cardano, the secret sauce you’re missing is a meme coin that could blow up. El Hippo is used here as an example because the project is only a month old and has already seen 109% gains and a $4 million market cap, but really, any meme coin with a solid team and a legitimate business model could fill this role.
Tackling the Bear Head-On
With the sleeping giant that is XRP, plus a blue-chip like ADA and a potentially explosive meme coin like El Hippo, a crypto portfolio could find itself substantially bolstered against the headwinds that take place in a bear market.
As always, crypto users will benefit from doing their own research before making a serious investment in any cryptocurrency out there in today’s market.