- Dave Portnoy sold his XRP at $2.40, missing out on millions as the price later jumped above $3.60.
- XRP’s rise came alongside U.S. crypto legislation wins and Ripple’s bank charter application.
XRP’s sudden increase this week left many surprised, but for Dave Portnoy, it brought a wave of regret. The Barstool Sports founder revealed that he sold most of his XRP weeks before it reached new highs, missing out on what could have been a multi-million-dollar return. The market’s recent surge demonstrates that timing and patience remain crucial in the cryptocurrency market.
Dave Portnoy Sold XRP Too Early, Missed Out on Millions
Market data indicate that XRP rose to $3.65 on Thursday, surpassing its earlier yearly high of $3.29. As highlighted in our previous news brief, this move marked a near 26% gain in one day. Notably, the news would generally be a win for holders. However, not for Dave Portnoy, who admitted he sold most of his XRP at $2.40.
He explained that someone who had convinced him to buy also told him to sell. The person warned him that Circle might become a significant rival to Ripple. That advice pushed him to exit his position. Portnoy said in a video that he now regrets the choice, especially after seeing the token’s latest price surge. He described the loss as painful and said he wants to cry over the missed profit.
Portnoy had bought XRP out of fear of being left behind. He never claimed to be a true believer in the project. He said he only wanted to be part of something in case it turned into the next Bitcoin.
In related news, CNF reported that Ripple Labs, which is tied to XRP, applied for a national bank charter in the U.S. on July 2. That move followed a similar step by Circle. The news may have added confidence to investors, just as XRP began to climb.
New Crypto Laws Give Market a Boost
XRP was not the only coin to benefit from this week’s momentum. As mentioned in our previous news brief, the overall crypto market saw gains, helped by Bitcoin hitting $123,091.61 on July 14. XRP’s move also triggered major liquidations, with over $68 million in short positions wiped out, based on CoinGlass data.
Part of the rally came from developments in Washington. On Thursday, lawmakers passed several bills related to crypto. These included the CLARITY Act, which aimed to establish rules for digital assets, and the GENIUS Act, which covered stablecoins. Another bill, targeting government-backed digital currencies, also passed with a close vote.
Speaking on the development, as noted in our previous news brief, Ripple CEO Brad Garlinghouse celebrated the milestone. He said that the development is a genuinely historic moment for fintech and digital assets.
With prices rising and new policies taking shape, XRP has found itself back in the spotlight. For some, the gains came fast. For others like Portnoy, it was a reminder of what happens when you exit too soon.
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