Dave Portnoy, the founder of Barstool Sports, is publicly regretting his decision to sell his XRP holdings just two weeks ago. His confession comes as the cryptocurrency experienced a significant surge, leaving Portnoy to lament missing out on substantial potential profits. He expressed a strong desire to "cry" over the ill-timed sale.
Portnoy's XRP Journey and Regret
Dave Portnoy had been a vocal proponent of XRP, even self-proclaiming himself the "leader of the XRP army." His initial investments were considerable, including $1.3 million in December 2024 and an additional $1 million in February. He had previously stated his intention to hold his XRP, believing it could achieve a 10x increase and potentially become the "next Bitcoin."
However, Portnoy sold his entire XRP stash approximately two weeks ago at around $2.40 per token. He attributed this decision to advice from an individual who had initially encouraged him to buy XRP but later grew concerned about the investment, particularly regarding competition from stablecoin issuer Circle.
The Missed Rally
Since Portnoy's sale, XRP has seen a dramatic price increase, soaring over 60%. The cryptocurrency, which was trading around $2 when he sold, surged to a multi-year high of $3.65. This rally meant Portnoy missed out on millions of dollars in potential gains. His public lament, shared with his 3.7 million followers on X, highlighted his deep frustration with the timing of his sale.
XRP's Performance and Market Context
XRP's recent surge has been notable, with its market capitalization crossing $200 billion for the first time, reaching $215 billion. While it approached its all-time high of $3.84 set in January 2018, some analysts note that the 2018 peak included inflated prices from Korean exchanges. On Western exchanges, XRP's peak was closer to $3.30-$3.40, suggesting the recent surge brought it closer to a true new record.
The broader crypto market has also experienced an upswing, partly fueled by positive legislative developments in the U.S. House of Representatives. Several bills aimed at establishing market structures for cryptocurrencies and stablecoins, such as the Digital Asset Market Clarity (CLARITY) Act and the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, have passed, contributing to investor confidence.
Key Takeaways
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Dave Portnoy sold his XRP holdings two weeks before a significant 60% price surge.
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He expressed deep regret, stating he "would've made millions" and wants to "cry."
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Portnoy's decision was influenced by an advisor who initially recommended XRP but later suggested selling.
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XRP's price rallied from approximately $2 to $3.65, with its market cap exceeding $200 billion.
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The broader crypto market has seen gains, partly due to favorable U.S. legislative news.
Sources
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Barstool Sports Founder Says He Sold His XRP Two Weeks Ago, No Further Comments, The Crypto Basic.
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Dave Portnoy Upset Over Selling XRP Amid Price Surge, Cointelegraph.
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Portnoy on Selling XRP: 'I Want to Cry', U.Today.
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