"Nauseated Disappointment: Why Dave Portnoy Mishandled His XRP Investment Before Its Surge"
Barstool Sports' Dave Portnoy Regrets Premature Sale of XRP Amid Surge
In a recent turn of events, popular internet personality Dave Portnoy has expressed regret over selling his XRP holdings prematurely. The decision, made on advice from his crypto advisor, was based on concerns about competition between Circle, the issuer of the USDC stablecoin, and Ripple, the company associated with XRP.
Last Thursday, XRP surpassed its seven-year-old price peak of $3.40, reaching a new all-time high of $3.65. This surge in price came after Portnoy sold his XRP stake, valued at close to $3 million at the time, around the price of $2.40.
Portnoy's advisor had initially convinced him to invest in XRP, but later expressed discomfort about Circle. The reason for this discomfort remains unclear. An unnamed analyst has been blamed by Portnoy for suggesting XRP faced a threat from the rise of Circle.
Despite the missed opportunity, Portnoy is still doing well with his Bitcoin and Ethereum investments. He admitted that the XRP miss "hurt" but reiterated that he sold his holdings before the recent price surge.
The surge in XRP's price can be attributed to interest from ETF issuers in launching funds based on the asset and the imminent conclusion of the SEC's lawsuit against Ripple. The lawsuit, which was initiated in late 2020, alleged securities violations by Ripple, but the company only required to pay a relatively small fine in the court settlement.
It's worth noting that Ripple co-founders have sold off large amounts of their XRP stash, totaling billions of dollars. This selling pressure could potentially impact the price of XRP in the future.
Portnoy discussed his sale of XRP further on his "Davey Day Trader Global" stream, reflecting on the missed opportunity and expressing his regrets. As XRP remains close to its new peak mark, many investors are keeping a close eye on the digital asset, hoping for further price increases.
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- Dave Portnoy, having missed out on the recent surge of XRP prices, has expressed regret over his premature sale of his XRP holdings, valued at nearly $3 million, after being advised by his crypto advisor on concerns about Circle, a competitor of Ripple.
- Selling his XRP investments before the surge may have cost Portnoy a significant gain in crypto investment, but he still has substantial holdings in Bitcoin and Ethereum.
- The price surge of XRP can be attributed to the growing interest from ETF issuers in launching funds based on the asset and the imminent conclusion of the SEC's lawsuit against Ripple.
- Despite the potential impact of the selling pressure from Ripple co-founders, who have sold off billions of dollars worth of their XRP stash, many investors are keeping a close eye on the digital asset, hoping for further price increases.
- Portnoy remains optimistic about the potential of cryptocurrency and is open to future investments, particularly in stablecoins, as he navigates the world of finance and investing.
