Portnoy posted a video on his account on X, along with the caption: "I sold my XRP two weeks ago. No further comments for now."
A controversial figure in the world of social media and sports entertainment, Dave Portnoy has publicly admitted losses with cryptocurrencies — including when he said in 2021 that he "screwed everything up with Bitcoin" by selling in panic and suffering a huge loss the previous year.
Even so, the influencer remains active in the crypto universe, having launched his own memecoins on the Solana network last year and participated in pump and dump schemes with other coins. Now, he publicly complains about having sold his XRP batch just before the cryptocurrency reached a new all-time high on Thursday, surpassing the previous record from 2018.
On Thursday night, Portnoy posted a video on his account on X, along with the caption: "I sold my XRP two weeks ago. No further comments for now."
In the video, recorded lying in bed, Portnoy claims he sold his XRP for $2.40 because "the guy who told me to buy" also recommended selling, arguing that Ripple — whose founders created XRP — would face strong competition from Circle, the issuer of USDC, whose shares skyrocketed after its IPO last month. Since then, he says, XRP has risen 60%.
Indeed, XRP has surged in recent days. On Thursday, it finally surpassed the peak of $3.40 recorded in January 2018, reaching a new high of $3.65 per unit.
"I would have made millions, and it makes me want to cry," Portnoy said in the video. "I don't have any more [XRP], even though I was the leader of the 'XRP Army'. I sold. Good night."
Portnoy's post on X has already been viewed 2.3 million times since Thursday night. The "XRP Army" is the nickname given to the most fervent investors in the cryptocurrency, who are quite active on social media and have faced the difficult moments of the asset over the years.
"Idiot," said an investor known by the pseudonym MackAttackXRP on X, when asked by Decrypt about his reaction to Portnoy's video. He recommended waiting for the price to reach $27 before selling.
"I don't know Dave, but to me he seems like someone who needs attention," he added.
The price of XRP has already risen more than 600% since Donald Trump's victory in the presidential elections last November, partly driven by greater regulatory clarity in the United States and interest from fund issuers in launching ETFs based on the cryptocurrency.
The U.S. Securities and Exchange Commission (SEC) agreed to end the long-standing lawsuit against Ripple for XRP sales, although the case has not yet been fully resolved in court. Recently, the parties tried to close the case with a reduced penalty against Ripple, but the court rejected the proposal. In June, Ripple announced it would waive its cross-appeal, effectively ending the case.
