Dave Portnoy sold $3 million in XRP at $2.4 after receiving a sudden bearish tip from a previous advisor.
XRP surged to $3.65 shortly after Portnoy exited, causing him to miss out on sizable unrealized gains.
The bearish outlook referenced Circle’s new payment network, viewed as a rival to XRP’s intended utility.
Barstool Sports founder Dave Portnoy disclosed this Monday that he sold his entire XRP holding of approximately $3 million at $2.4 per token. His decision came during a live segment of his streaming series, Davey Day Trader Global. The unexpected move followed a bearish message from the same contact who initially suggested investing in the digital asset.
Portnoy explained that the message implied XRP's utility could be overshadowed by a competing development. According to him, the contact referenced Circle’s newly launched Payments Network, suggesting it might replicate what XRP aimed to accomplish in the cross-border transaction space. That remark reportedly influenced Portnoy to exit his position earlier than planned.
XRP hits a new all-time high days later
Shortly after the sale, XRP surged to an all-time high of $3.65, according to data from CoinGecko. At the time of Portnoy’s decision to sell, XRP traded at around $2.4, making the missed opportunity particularly significant. As of Monday, XRP continued trading at elevated levels, hovering around $3.56.
Portnoy expressed disappointment over the outcome, stating he felt the sting of missing out on a major gain. He noted that although he continues to hold profitable positions in Bitcoin and Ethereum, the XRP sale left a lasting impact. The popular media personality admitted the loss was difficult to accept, given the sharp rise that followed.
Market context and Circle’s influence
The message that prompted the sale appears tied to Circle's expansion in cross-border payments through its Circle Payments Network. Launched in May, the initiative positions the USDC issuer as a potential competitor to XRP’s use case. This development has raised discussions within the crypto community about XRP’s long-term role in the sector.
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