In a significant news development regarding XRP, social media personality Dave Portnoy announced in a recent post that he sold his XRP at $2.40. This occurred weeks before the price reached $3.66, resulting in lost profits and a strong reaction across the cryptocurrency market.

Dave Portnoy Sold XRP Too Early Before the Price Soared

The related digital asset of Ripple Labs, XRP, reached a new yearly high of $3.66 on July 18, trading on the Arkham exchange.

One of the notable news stories in the industry involves Barstool Sports founder Dave Portnoy. This news relates to his early sale of the XRP he held, causing him to miss out on unrealized profits amid the current price surge.

According to the post, he stated that he exited his position at $2.40 after receiving advice from a friend.

Interestingly, the X post quickly attracted online attention as Portnoy expressed regret, stating that he missed out on millions of dollars and felt extremely distressed about it.

He added that the friend initially advised him to buy XRP and then told him to sell. That person warned him that Circle would be a competitor. Portnoy followed the advice and sold.

He exited the position early just before XRP surpassed the yearly high of $3.60 and continued to rise.

Market data shows that the coin has increased by 19.61% in just the past 24 hours. This latest increase also brings the coin closer to its previous all-time high of $3.84, set in 2018.

The timing of Portnoy's decision drew widespread attention. Many in the cryptocurrency community began discussing not only the price movements but also the reasons behind the deal.

John Deaton Responds to the Confusion Between XRP and Circle

Lawyer John E. Deaton responded to the post and pointed out that the advice Portnoy received may have been based on a misunderstanding.

He stated that XRP, the digital asset, does not compete with Circle, the company behind the stablecoin USDC.

Instead, he noted that Ripple, the company using XRP as a bridge asset and developing on the XRP Ledger, operates in the same field as Circle.

Similarly, Deaton noted that Ripple's stablecoin, RLUSD, would compete with USDC, not with XRP itself.

He also referred to reports that Ripple once considered acquiring Circle. According to him, the advisor to Portnoy did not understand the difference between Ripple and XRP.

Others in the field also agree and point out that XRP is often confused with Ripple.

The discussion also led to a renewed debate about the need for clearer information about cryptocurrency assets and how to use them.

XRP News: Price Surge Attracts Market Attention

The recent price surge of XRP has garnered significant attention. Over the past year, the price of XRP has increased by 277% compared to Bitcoin, which has increased by about 88% in the same period.

This performance was achieved despite XRP not having an approved spot ETF in the U.S., a fact that may be changing. On July 18, ProShares launched the Ultra XRP ETF on NYSE Arca.

Notably, other companies such as Bitwise, Franklin Templeton, and Teucrium also have fund applications related to XRP pending approval.

Traders are closely watching to see if the U.S. spot ETF will be approved.

Cryptocurrency analyst Kyle Chassé noted that the growth of XRP occurred without significant support from the treasury or DeFi yield options.

Another analyst, known online as Dark Defender, posted that a technical pattern called 'cup and handle' has formed, which could signal further price increases in the future.

Although it is unclear how long the current price surge will last, XRP has become the center of attention.

With growing interest from investors, recent ETF activity, and a price surge, XRP may remain in the spotlight in the coming weeks.