Dave Portnoy, founder of Barstool Sports, said he was 'ready to cry' after selling most of his XRP holdings—just before this altcoin reached its all-time high. In a video posted on X, Portnoy shared his disappointment. He admitted that holding his position would have earned him millions.
Sold at $2.40, Missing Out on Millions
Portnoy sold his XRP at $2.40 due to concerns about competition from Circle's stablecoin. Shortly after, XRP surged to a new all-time high of $3.65.
Previously, speaking at Consensus 2025, Portnoy mentioned that he bought XRP due to FOMO (fear of missing out) rather than believing in its long-term potential. His story reflects a common trend among retail investors, who often enter the cryptocurrency market out of fear of missing opportunities.
Many people, like Portnoy, often make decisions based on emotions without assessing the underlying principles. In hindsight, he underestimated the growth potential of XRP during the volatile but bullish market.
The XRP Price Surge Driven by Favorable Policies
The recent price surge of XRP is part of the overall bullish trend in the market. The coin has risen 5% in 24 hours, breaking the previous high of $3.40 to reach $3.65.
Much of this momentum stems from growing optimism among investors after major cryptocurrency legislation, including the GENIUS Act, was passed in the U.S. on July 9. The approval of several crypto-friendly bills by Congress has boosted sentiment and capital inflows into the digital asset space.
Open XRP perpetual futures contracts also reached a record $8.8 billion, reflecting the activity of new institutional players.
This favorable legal momentum could solidify XRP's position as a leading token, especially if adoption continues to rise globally.
Meanwhile, lawyer Fred Rispoli, a strong advocate for XRP, commented on Portnoy's mistake.
‘While Dave's involvement in the best college football team is certainly admirable, his paper hands have always haunted him in the cryptocurrency space. He is basically the Ohio State University of cryptocurrency,’ Rispoli wrote on X.
As XRP gains strength, investors are now closely monitoring legal developments. Any progress in the law could significantly shape the future of this token.
With increasing market capitalization and growing acceptance, XRP has emerged as one of the most closely watched assets in the cryptocurrency space.
