John Deaton, known as a crypto lawyer and a long-time supporter of XRP, attracted attention by sharing his comments about the industry in a series of tweets on X. Deaton also shared his comment on how to act in current price fluctuations.
A user on X criticized a post by the lawyer, stating that they lost money after acting on it. In response, Deaton tweeted his trading strategy on deciding the best time to acquire a crypto asset. explained.
Here’s a big hint that I’ve learned in my many years. By the time you and I hear news on social media – the easy money has been made. It’s already too late. So the only thing you can do is buy all you want when it’s down. That way when there is news that makes it go up 20-30% or…
— John E Deaton (@JohnEDeaton1) November 18, 2023
NEWS CONTINUES BELOW
According to the lawyer’s strategy, “You don’t buy any assets based on new “news” that causes people to FOMO.” That’s when you SELL the asset.” Using XRP as an example, the lawyer said, “You do not wait for new news to buy XRP. You buy the asset when people are selling. You buy all the assets you want or can afford and then wait for the news to come out. Then you sell it when everyone is fomo.”
Koinfinans.com As we reported, FOMO is a term that can also be summarized as “fear of missing out”.
Deaton emphasized that this strategy is important because FOMO around a crypto asset usually peaks when it is in the news. “It’s too late now,” he tweeted at the time. “So all you can do is buy as much as you want when it’s down. “This way, when news comes out that will drive it up 20-30% or more, you can sell while others are experiencing FOMO.”
Meanwhile, XRP prices have shown an upward trend over the last 24 hours. Data from CoinMarketCap at press time shows the token gained 1.57% during this period. However, XRP is down 5.28% on the weekly price chart.