Dave Portnoy, the founder of Barstool Sports, recently stated that he sold his holding of XRP at a price of $2.40 two weeks before this digital asset reached an all-time high of $3.66. According to Portnoy, he sold because the person who advised him to buy this digital asset believed it had peaked and would struggle to rise further due to competition from Circle.
In a post on July 18 on X, Portnoy, a famous stock trader, claimed that his early exit had robbed him of the opportunity to make millions of dollars, as XRP had risen over 60% since then. According to news from Bitcoin.com, XRP matched and surpassed its previous all-time high of $3.40 on July 17, solidifying its position as the third-largest digital asset by market capitalization. Since then, XRP has been trading and largely above $3.40, a sign that it may be preparing for another upward trend.
Explaining the decision that made him want to cry, Portnoy said:
"I sold XRP when it was down to $2.40 because the guy who advised me to buy it told me I should sell because he thought Circle would compete with them; he was not satisfied with it. It has risen 60% since I sold it, and I could have made millions of dollars, and I want to cry."
A Familiar Pattern of Early Exit
Portnoy's decision to sell XRP while this digital asset was on an upward trend is similar to his infamous decision to sell Bitcoin just a week after buying it. According to news on Bitcoin.com in 2020, Portnoy first bought BTC and LINK after the Winklevoss twins, founders of Gemini, guided him through the process. However, after witnessing the continuous drop in LINK's price, Portnoy panicked and sold all his holdings, a decision he later regretted.
In February 2024, Portnoy once again expressed regret that Barstool did not invest $10 million in BTC. A few months later, in July, he announced that he would buy BTC if the price dropped to $40,000. However, in his latest regretful video, Portnoy stated that he no longer holds XRP, even though he once was the 'leader of the XRP army.'