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CryptoLaw US founder and rigid Ripple advocate John Deaton took to social media platform X to share an important message about the best time to buy XRP and other cryptocurrencies with his community of followers.
Deaton has again addressed the recent fake news about BlackRock’s filing for an XRP ETF and shared a “secret” about when one should really purchase XRP or any other cryptocurrency to avoid losing money. He wrote: “I’m going to do something I’ve never done on this site: I’m going to give financial advice on how to profit from fomo.”
“Buying with FOMO is too late”
Deaton stated that when “FOMO” (an acronym for “fear of missing out,” popular within the crypto community) arises, it usually occurs in the news, taking XRP as an example. Earlier this week, news emerged that the world’s largest fund management company, BlackRock, filed an application for an exchange-traded fund based on the Ripple-affiliated coin XRP.
It later turned out to be a hoax. Another Ripple defender, attorney Jeremy Hogan, discussed how easily anyone can present this real document of a fake ETF. It would cost only $500, but then the scammer can sell their XRP as the price increases and make several million dollars from it.
First, the price of
So when news like this comes out and generates FOMO, it’s the best time not to buy a cryptocurrency but to sell it, says Deaton: “You don’t buy any asset based on new ‘news’ that causes fomo in people. That’s it. when you SELL the asset. Let’s use XRP as an example.”
This is a good time to buy, according to Deaton
The founder of CryptoLaw US believes that it is best to acquire cryptocurrencies before FOMO sets in and then “wait for the news to happen, and then sell when everyone else is fomo’ing.”
As an example, Deaton cites the case in which Judge Analisa Torres announced her ruling in the Ripple-SEC case in July, stating that programmatic sales of XRP made by the company in secondary markets should not be qualified as sales of securities. Back then, XRP price quickly reached the high of $0.91 until it dropped back to $0.70 and then to the $0.5 mark in August.
The best time to buy XRP, Deaton says, was before that decision became public. Afterwards, one “could have sold when it went up to .91 when everyone else assumed it would go up much higher.”
Here’s a “big clue” Deaton shares
Deaton himself, according to his post on X, has not purchased a single XRP since Judge Torres’ announcement was made; he bought a lot of XRP before it happened. The same, he says, can be applied to BlackRock’s news about the XRP ETF that later turned out to be false. His warning is that if one buys more coins with that news and then the news turns out to be fake or a scam, he loses money instead of gaining it.
Over many years, Deaton has learned one important thing, he confesses: By the time the news breaks, someone smart has already made a lot of money from cryptocurrencies. Most likely, they made huge profits on cryptocurrencies, which increased by 20% to 30% with that FOMO.
