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Barstool Sports Founder Dave Portnoy Opens Up About Painful XRP Trading Regret
Dave Portnoy, founder of the popular sports and pop culture brand Barstool Sports, has candidly shared his disappointing experience with trading XRP, the cryptocurrency widely recognized for its association with Ripple. As reported by U.Today on October 21, Portnoy revisited this subject during a recent live episode of his "Davey Day Trader Global (DDTG Global)" series. His remarks outlined the unexpected circumstances that led him to sell his XRP holdings prematurely, revealing a mix of regret and valuable lessons in the volatile world of cryptocurrency trading.
Portnoy explained that his decision to sell XRP was unanticipated and largely influenced by a sudden cautionary message from a trusted acquaintance—the very person who had initially suggested the investment. The message warned that Circle's emerging financial technologies might "replace what XRP is doing," potentially undermining XRP's long-term prospects. This cautionary note coincided with the launch of Circle's cross-border payment solution, the "Circle Payments Network (CPN)," introduced in May, offering direct competition to Ripple's focus on streamlining international payment systems.
Opting to act on this advice, Portnoy sold his entire XRP position at an average trading price of $2.40, a decision he now regrets deeply given XRP's surge to record-breaking levels last week. During the broadcast, Portnoy admitted, "It was hard to hold back tears," highlighting the emotional toll of missing out on significant gains. He revealed his initial investment in XRP totaled approximately $3 million, meaning the failure to ride the wave of XRP's latest rally resulted in substantial unrealized profits.
Notably, XRP reached an all-time high last week before climbing further. Reflecting on the experience, Portnoy admitted his decision to sell was premature: "I had no intention of selling, but the message rattled me. Looking back, it stings knowing what could have been."
Despite this setback, the entrepreneur remains optimistic about his ongoing cryptocurrency portfolio, which includes holdings in Bitcoin (BTC) and Ethereum (ETH). "I'm still doing well with Bitcoin and Ethereum, but the XRP situation stings," Portnoy shared, emphasizing his broader focus on cryptocurrencies despite the challenges associated with speculative investments.
As of early morning on October 22, data from CoinMarketCap shows XRP trading slightly lower at $3.54, retreating from its record high of $3.64 reached just four days prior. XRP’s continued volatility has kept it in the spotlight among cryptocurrency enthusiasts, providing fodder for debate over its future potential and competitiveness amid rising developments in the blockchain payment sector.
Portnoy’s experience with XRP highlights a critical lesson for traders: cryptocurrency markets can change direction swiftly, influenced by news, sentiment, and emerging technologies. For both budding investors and veterans, the story serves as a reminder of the importance of staying informed and carefully weighing advice before making drastic decisions.
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