Following the fake BlackRock XRP ETF report, Attorney John Deaton provides financial tips to help XRP enthusiasts profit off FOMO.
Attorney John Deaton, the founder of Crypto-Law, has given financial advice to XRP holders on how they can profit off FOMO (Fear of Missing Out).
XRP Accuses Deaton of Making Him Lose Money
He gave the tips in reaction to a user who claimed he lost money after Deaton allegedly confirmed the BlackRock XRP Trust application.
Earlier this week, a bogus report suggested that BlackRock, the world’s largest asset manager, was attempting to launch a spot-based XRP exchange-traded fund (ETF).
The report saw the price of XRP spike 12% to 74 cents in minutes. However, the asset’s price plummeted to its previous level after Bloomberg ETF analyst Eric Balchunas confirmed the report as fake.
With XRP plunging to around $0.63, an enthusiast blamed Attorney Deaton for making him and his friend lose money based on the fake BlackRock report. To corroborate his claim, the user shared a screenshot of Deaton confirming the BlackRock news to be genuine.
Deaton Reacts, Shares Financial Advice for the First Time Ever
Reacting to the development, Attorney Deaton shared financial tips on how XRP community members can profit off FOMO. Deaton advised people not to buy an asset based on any latest news, causing other traders to FOMO. Instead, he recommended the scenario as the perfect time to sell the asset.
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
Using XRP as a case in point, Attorney Deaton noted that the suitable time to buy XRP was before Judge Torres issued the highly-anticipated summary judgment decision in the SEC v. Ripple lawsuit.
“Then you could’ve sold when it was going up to .91 when everyone else was assuming it would go much higher,” said Deaton.
Recall that Judge Torres, in the landmark ruling, declared that XRP is a non-security and found most Ripple transactions did not violate securities law.
Deaton Says He Bought More XRP Before Ripple Ruling
Meanwhile, the lawyer representing thousands of XRP holders in the case disclosed that he has not purchased the crypto asset since the Judge’s ruling in July. However, Deaton claimed he bought “a lot of XRP” before the court’s ruling.
“The same applies to the alleged BlackRock news. 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,” he added.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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