Your plant is a species of Tradescantia; for you this will be a houseplant. It will grow and spread quickly with succulent stems making it ideal for containers. Cut back to refresh or control growth. Indoors it grows best in bright indirect light, not full sun. Water when the soil feels dry down to your first knuckle; overwatering can kill this plant. Don’t let it sit in standing water as this may lead to root rot.
Older foliage on this plant commonly yellows and falls off with overwatering, although occasionally you’ll see similar conditions on an under-watered plant. It looks like this plant may be root bound, since it’s so large and probably in the same hanging basket you bought it in. Root bound plants can suffer from over and under watering more easily since the roots clog the soil and the pot doesn’t drain well. At this point you’d probably be better off taking cuttings of the good ends and rooting those in a new pot of soil, and discarding the bare stemmed plant. This plant is easy to root – just cut off pieces that are about 6″ long, remove lower leaves and stick the bottom 2 to 3″ in fresh, moist potting soil. Keep that in a place that’s bright light but not direct sun until the plant starts to grow.
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