Dave Portnoy, the founder of Barstool Sports, said he sold all of his XRP just two weeks before the price went way up. In a video shared on his X account late Thursday, Portnoy said, “I sold my XRP two weeks ago. No further comments at this time.” The video was filmed from his bed and posted along with the text update.
XRP recently spiked to a new all-time high of $3.65, beating its previous record of $3.40 set back in 2018. Portnoy said he sold his XRP at $2.40. He missed out on a whole lot of gains. He said he made that choice because the same person who told him to buy it in the first place told him to sell it.
According to Portnoy, that person warned him Ripple would face serious competition from Circle, the company behind the USDC stablecoin. Circle recently became more popular after its stock went public and did well on the market.
Portnoy followed the advice and sold. After that, the XRP price went up by 60%. “I would’ve made millions, and I want to cry,” he said as he showed his regret in the video. Portnoy ended the clip by saying, “I don’t own it anymore, even though I was the leader of the ‘XRP Army.’ I sold it. Goodnight.”
The term “XRP Army” refers to a group of loyal XRP investors who often talk about the coin online and support it no matter what. The video has since been viewed over 2.7 million times. Many people online reacted to it.
One popular XRP investor on X, known as MackAttackXRP, said the move was “stupid.” He also said, “I don’t know Dave, but to me he looks like someone who needs attention.” He believes XRP could one day reach $27, and advised people to wait before selling.
Popular crypto analyst CrediBull Crypto also gave his 2 cents on the video. He said, “If someone told you to sell because of some news event you’re following the wrong people in this game.”
However, some viewers believe that not panicking in the market is the hardest part of trading. One user even said, “ignoring the noise or.. understanding that the noise has a purpose in the grand scheme of things.” In short, following the crowd without having a clear understanding of cryptocurrency itself can lead to making rash decisions.
Portnoy has made headlines before for similar situations. In 2021, he admitted to losing money after panic-selling Bitcoin the year before. He has also been involved with memecoins on the Solana blockchain, some of which he helped launch or promote.
Since Donald Trump returned to the White House in November last year, XRP has surged by more than 600%. Some of this growth is also tied to Ripple’s legal fight with the Securities and Exchange Commission (SEC).
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