Prominent crypto attorney John Deaton offered financial tips to aid XRP enthusiasts in profiting from fear of missing out (FOMO) following the fake BlackRock XRP ETF report. This came as a response to a crypto enthusiast’s claim of financial loss after Deaton purportedly endorsed the BlackRock XRP Trust application.
A few days ago, a false report was released indicating that BlackRock was working to introduce a spot XRP Exchange-Traded Fund (ETF). XRP spiked to almost $0.73 within minutes of the release.
Read Also: XRP To Reach $10,000 or Attain Ethereum Valuation? John Deaton Has This To Say
However, the report was quickly debunked, and XRP’s price plummeted to its initial level. Following the dip, a crypto enthusiast accused Deaton of causing financial losses for him and his friend due to the fabricated BlackRock report, showing a screenshot of Deaton confirming the fake BlackRock news to support his claims.
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Deaton’s Response
In response to the situation, Deaton gave financial advice on profiting from FOMO.
The attorney shared his insights on proper ways to capitalize on FOMO, cautioning against impulsive buying of assets driven solely by the latest news.
Shocking news tends to trigger FOMO among traders, and Deaton recommended a different approach when news like the hoax of the BlackRock XRP ETF emerges.
He suggested that such moments of heightened market excitement serve as perfect occasions for selling the asset. He stated, “You don’t buy any asset based on the new “news” causing people to FOMO. That’s when you SELL the asset.”
Strategic Timing for Crypto Investments
Deaton used XRP as an example of strategic crypto investment. According to the attorney, the perfect time to buy XRP was before Judge Analisa Torres’ landmark ruling in July, which sent XRP to $0.93. Deaton’s strategy is buying when the market is quiet and selling when significant events occur.
Deaton also made a shocking revelation. He said he has not bought XRP since the ruling in July. He highlighted that he bought a lot of XRP before the ruling, adding that the same principle would apply to cases like the fake BlackRock news.
Read Also: John Deaton Hopes To See XRP Works With No Ties To Ripple. Until 41.9 Billion XRP Is Sold?
The attorney wrote, “You don’t buy when you read something like that – you buy before and sell on that type of news. If the news turns out not to be true, you made money, not lost money.”
Because of the post below, I’m going to do something I’ve never done on this site: I’m going to give financial advice on how to profit off fomo.
You don’t buy any asset based on the new “news” causing people to fomo. That’s when you SELL the asset. Let’s use XRP as an example. https://t.co/iw1lKEdLrB
— John E Deaton (@JohnEDeaton1) November 18, 2023
Deaton’s strategy underscores the significance of strategic timing in making investment decisions, emphasizing the relevance of being proactive.
Meanwhile, a top Bitcoin analyst recently showed three signs of an impending XRP breakout, and now could be the time to buy XRP in anticipation.
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