High-profile trader Dave Portnoy recently revealed that he sold his XRP holdings at $2.40 just two weeks before the asset reached a new all-time high of $3.66.
The Circle Factor
Dave Portnoy, the founder of Barstool Sports, recently said he sold his XRP holdings at $2.40 two weeks before the digital asset hit a new all-time high of $3.66. According to Portnoy, he sold because the person who told him to buy the digital asset suggested it had peaked and was unlikely to go up further due to competition from Circle.
In his July 18 post on X, Portnoy, a high-profile stock trader, claimed exiting early deprived him of the opportunity to make millions of dollars as XRP had since then risen by more than 60%. As reported by Bitcoin.com news, XRP matched and surged past its previous all-time high of $3.40 on July 17, to cement its position as the third-largest digital asset by market capitalization. Since then, XRP treated and has largely traded above $3.40, an indication it may be preparing for another uptrend.
Explaining the decision that he said made him want to cry, Portnoy stated:
“I sold XRP back when it went to $2.40 because the guy who told me to buy it told me that I should sell it because he thought Circle would compete with them, he was unhappy with it. It’s up 60% since I sold it and I would have made millions and I want to cry.”
A Familiar Pattern of Early Exits
Portnoy’s move to dump XRP holdings as the digital asset trended upwards mirrors his infamous decision to exit his Bitcoin a week after buying. As reported by Bitcoin.com news in 2020, Portnoy bought his first BTC and LINK after the Gemini founders, the Winklevoss brothers, walked him through the process. However, after seeing the price of LINK consistently go down, Portnoy panicked and sold all his holdings, a decision he would later rue.
In February 2024, Portnoy again expressed regret that Barstool had not invested $10 million in BTC. A few months later, in July, he vowed to buy BTC if the price dropped to $40,000.
However, in his latest regret video, Portnoy said he does not hold XRP anymore, even though he was the “leader of the XRP army.”
Source: Bitcoin
