Dave Portnoy, the founder of Barstool Sports, revealed on Monday that he sold all of his XRP holdings, worth about $3 million, at $2.4 per token. This decision was made during a live segment of the streaming show "Davey Day Trader Global." This surprising move came after a pessimistic message from the very person who initially suggested investing in this digital asset.
Portnoy explained that the message implied that the utility of XRP could be overshadowed by a competitive development. According to him, the contact mentioned Circle's newly launched Payment Network, indicating it could replicate what XRP aims to achieve in the cross-border trading space. That remark was said to have caused Portnoy to leave his position earlier than intended.
XRP Hits New All-Time High Just Days Later
Immediately after the sale, XRP surged to an all-time high of $3.65, according to data from CoinGecko. At the time Portnoy decided to sell, XRP was trading at around $2.4, making this missed opportunity particularly significant. As of Monday, XRP continued to trade high, fluctuating around $3.56.
Portnoy expressed disappointment about the results, stating he felt let down for missing out on a large profit. He noted that although he still held profitable positions in Bitcoin and Ethereum, the sale of XRP left a lasting impact. The well-known media expert acknowledged that this loss was hard to accept, considering the significant increase that followed.
Market Context and Circle's Impact
The message driving this sale seems to be linked to Circle expanding its cross-border payment services through the Circle Payment Network. Launched in May, this initiative positions the issuer of USDC as a potential competitor to XRP. This development has sparked discussions in the cryptocurrency community about XRP's long-term role in the sector.