In brief
Barstool Sports founder Dave Portnoy publicly stated he sold his XRP holdings at approximately $2.40 each prior to a significant price surge.
XRP reached a new all-time high of $3.65 on Thursday, surpassing its previous record from 2018.
Portnoy claims this holding period resulted in a missed opportunity, stating he could have “made millions” on the approximately 60% price appreciation.
Key Details
In a video posted Thursday evening on his X account, Portnoy shared his experience, explaining the sale was prompted by advice from a previous intermediary.
Context
While known for his forthrightness in discussing past cryptocurrency mishaps, Portnoy remains involved in crypto, notably creating Solana-based meme coins.
The Surge & Reaction
XRP’s price dramatically increased following the formation of a January 2024 price base around $2.40, accelerating strongly into Thursday, breaching the $3.40 barrier seen during its 2018 peak (pre-Congressional investigation low). The new high of $3.65 validated the formation of a new bullish trendline.
Statements
“I sold my XRP two weeks ago. No further comments at this time,” Portnoy wrote alongside his video post.
In the video, Portnoy said his decision to sell was influenced by a “guy who told me to buy it” convincing him to sell, citing competition for Ripple as a reason. He described being emotional during a family dinner when he sold.
Portnoy lamented the sale, calling it a “brain f**k” at one point, and added that he didn’t even consider another entry point on Monday morning.
“I would’ve made millions, and I want to cry,” he stated. With an estimated $1.5 million (“guesstimated”) in holdings, this represents a substantial missed gain.
“I don’t own it anymore, even though I was the leader of the ‘XRP Army.’ I sold it. Goodnight,” he concluded, referring to himself as the self-proclaimed leader of die-hard XRP supporters.
Industry Commentary
The X post garnered significant attention, viewed over 2.3 million times in its first few hours. Some XRP investors questioned Portnoy’s decision, advising longer-term holding strategies. One pseudonymous investor suggested waiting until $27+ before selling, adding, “to me he looks like someone who needs attention.”
Price Drivers
XRP’s dramatic monthly gain since Trump’s November 2024 victory correlates with several key developments, including enhanced regulatory clarity in the U.S. surrounding digital assets, and growing potential from ETF issuers launching XRP-based exchange-traded products.
Ripple’s long-standing SEC lawsuit for XRP token sales has significantly impacted the asset throughout 2024; however, the path toward resolution is evolving. The SEC recently rejected Ripple’s settlement proposal without admitting liability. Ripple later announced it would “drop its cross-appeal,” suggesting the litigation may effectively end without an admission of wrongdoing.
