According to Cointelegraph, Barstool Sports founder Dave Portnoy expressed regret over selling most of his XRP holdings just weeks before the cryptocurrency reached new year-to-date highs. Portnoy, who once considered himself a leader of the 'XRP army,' lamented in a video posted on X that he could have made millions had he held onto his investment. XRP recently broke its yearly high of $3.29, climbing to $3.60, marking a 19.61% increase in the past 24 hours, as reported by Nansen data.
Portnoy revealed that he sold his XRP when it reached $2.40, influenced by advice from an acquaintance who believed Circle would become a competitor to Ripple Labs, the company associated with XRP. This decision was made despite Portnoy's lack of strong conviction in XRP, as he admitted at Consensus 2025 that his purchase was driven by fear of missing out, hoping it might emulate Bitcoin's success. Meanwhile, Ripple Labs applied for a national bank charter in the United States on July 2, shortly after stablecoin issuer Circle made a similar move.
The recent XRP rally coincided with a broader upswing in the crypto market, which began on July 9 after Bitcoin surpassed its May high of $112,000. Thursday's surge in XRP resulted in the liquidation of approximately $68.16 million in short positions, according to CoinGlass data. This market momentum was further bolstered by a series of legislative victories in the U.S. House of Representatives. Lawmakers passed the Digital Asset Market Clarity (CLARITY) Act, the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, and the Anti-CBDC Surveillance State Act, signaling positive developments for the cryptocurrency industry.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
