Dave Portnoy, the founder of the sports and pop culture company Barstool Sports, confessed to something that made him want to cry.
On July 17, Portnoy posted a video on X, in which he admitted to losing millions of dollars by selling XRP two weeks earlier. He stated that he sold XRP when it was trading at $2.40 based on the advice of someone who introduced him to the coin.
Ripple, the cryptocurrency company whose founders launched XRP, will now face competition from the stablecoin issuer Circle Internet Group (NYSE: CRCL).
XRP's price has increased by 60% since he sold it, Portnoy said, adding:
"I could have made millions of dollars, and I want to cry. I no longer own it. Although I am like the leader of the XRP army, I sold it."
Notably, both Ripple and Circle filed for a national banking charter with the U.S. Office of the Comptroller of the Currency more than two weeks prior.
XRP reached a price of $3.642 late on the night of July 17, and Portnoy posted the video just a few minutes later.
This is not the first time Barstool's El Presidente has shared about his mistakes in cryptocurrency trading. In 2021, he admitted to panic selling Bitcoin in a post on X. The coin recently reached an all-time high (ATH) of $123,091.61 on July 14.
XRP reached an ATH of $3.84 on January 4, 2018. This cryptocurrency is trading at $3.36 at the time of writing, nearly 12% lower than its record high. Dave Portnoy sold XRP too early, and now he wants to cry, first appearing on TheStreet on July 19, 2025.