Coin Edition -
- Crypto lawyer John Deaton says the best way to profit from price surges is to buy before they hit the news.
- Deaton said crypto FOMO often peaks by the time it hits the news.
- The lawyer advised his followers to buy crypto when prices are down and sell when they rise 20-30%.
In a series of tweets on X, reputed crypto lawyer and long-time pro-XRP advocate John Deaton put on his financial advisor hat and preached to the crypto community about how to profit off price surges.
One user on X tweeted that they lost money after acting on a post from the lawyer. In response, Deaton, in the tweets, unveiled his trading strategy in deciding the best time to acquire a crypto asset.
According to the lawyer, “You don’t buy any asset based on the new “news” causing people to FOMO. That’s when you SELL the asset.” Using XRP as an example, he added, “You don’t wait for new news to buy XRP. You buy your XRP when people are selling XRP. You buy all the XRP you want, or you can, and then you wait for the news to happen – and then you sell when everyone else is fomo’g [sic].”
Deaton stressed that the strategy is important because the FOMO around a crypto asset often peaks by the time it hits the news. At that time, “It’s already too late,” he tweeted. “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 more, you can sell when others are now experiencing FOMO.”
Meanwhile, XRP prices have seen an upward trend in the past 24 hours. At the time of press, data from CoinMarketCap shows the token added a 1.57% gain in that period. However, XRP has declined by 5.28% on the weekly price chart.
The post When is the Best Time to Buy Crypto? John Deaton Says Before the FOMO appeared first on Coin Edition.