TT overpairs flop but...

[SpartanCA]

Poker Stars - No Limit Hold'em Cash Game - $0.01/$0.02 Blinds - 9 Players - (LegoPoker HH Converter)

SB: $1.53
BB: $4.98
UTG: $6.52
UTG+1: $2.66
MP1: $2.60
Hero (MP2): $5.01
MP3: $8.06
CO: $5.01
BTN: $3.39

Preflop: Hero is dealt T[img]/images/graemlins/diamond.gif[/img] T[img]/images/graemlins/heart.gif[/img] (9 Players)
2 folds, MP1 calls $0.02, <font color="red">Hero raises to $0.10</font>, MP3 folds, CO calls $0.10, BTN folds, SB calls $0.09, BB folds, MP1 calls $0.08

Flop: ($0.42) 3[img]/images/graemlins/diamond.gif[/img] 8[img]/images/graemlins/club.gif[/img] 8[img]/images/graemlins/diamond.gif[/img] (4 Players)
SB checks, MP1 checks, <font color="red">Hero bets $0.30</font>, 2 folds, MP1 calls $0.30

Turn: ($1.02) 7[img]/images/graemlins/spade.gif[/img] (2 Players)
MP1 checks, Hero checks

River: ($1.02) 4[img]/images/graemlins/spade.gif[/img] (2 Players)
<font color="red">MP1 bets all-in for $2.20</font>, Hero folds

Pot Size: $3.22 ($0.05 Rake)

Villan is 47/0/0.10

Going off villan being loose and passive, he could easily have an 8 in his hole cards and his bet on the river is very aggresive for a passive player.

Was i right to fold?