Holy cow that is cheap. I know they need hiding places and a bit of space, so I would think you are right. Of coarse the right mix of females and males might help break up any problems. But I can't say for sure honestly... Beyond my experience.
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FYI, I've moved this thread to CA/SA cichlids since the blue rams are South American cichlids
BTW, I also would not recommend too many as they are territorial Cichlids.. tho if they are young you could start with 10 or so then thin them.
there are different thoughts with the Ramirezi cichlid. They are not considered "harem' breeders but they are often kept in mixed pairs (2 females per male)
you sill need to set the tank up with the appropriate structures and provide hiding spots to help with agression issues as they are considered conspecific aggressive.