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Barstool Sports founder Dave Portnoy is feeling the sting of a missed crypto opportunity after unloading his XRP holdings just weeks before the token surged to its highest price of the year. In a video shared on X (formerly Twitter), Portnoy admitted he sold his XRP at $2.40, only to watch it climb to $3.60—a 19.6% jump in a single day.
“I would’ve made millions, and I want to cry,” Portnoy said. “I don’t own it anymore, even though I was the leader of the XRP army.”
Portnoy’s emotional reaction reflects the frustration of many retail investors who exit positions too early during volatile market cycles. According to data from Nansen, XRP’s breakout past its previous high of $3.29 marks its strongest performance this year.
Portnoy Blames a Bad Tip
Explaining the rationale behind his decision, Portnoy said he sold after being advised that Circle—a competing crypto firm—might outperform Ripple Labs, the company closely tied to XRP. He emphasized that he didn’t have any deep conviction in XRP but bought it out of fear of missing out, hoping it might become the next Bitcoin.
“I bought it on a hunch and got rid of it on someone else’s hunch,” Portnoy admitted at Consensus 2025, adding, “I didn’t believe in XRP from the start. But when I saw it moving, I didn’t want to be left behind.”
XRP Soars Amid Broader Market Rally
XRP’s rally on Thursday wasn’t just a one-off event. The entire crypto market saw a boost, with Bitcoin surpassing its May highs and climbing beyond $120,000. XRP alone saw more than $68 million in short positions liquidated in the past 24 hours, according to CoinGlass.
XRP’s momentum appears to be part of a larger shift in market sentiment, driven in part by favorable regulatory developments in the United States. The passage of three major crypto-related bills in the House of Representatives sent a wave of optimism through the industry.
Among the approved bills were:
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The CLARITY Act, aimed at setting a formal market structure for digital assets.
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The GENIUS Act, focused on regulating and fostering innovation in stablecoins.
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The Anti-CBDC Surveillance State Act, intended to block central bank digital currencies that could compromise financial privacy.
These legislative victories appear to have reassured investors that the U.S. is taking steps toward regulatory clarity without imposing stifling restrictions.
Ripple Labs’ Strategic Move
Ripple Labs has also been active behind the scenes. Just days before XRP’s surge, the company applied for a national bank charter in the United States—a move mirroring stablecoin issuer Circle, which made a similar filing two days earlier.
The application signals Ripple’s intention to evolve from a payments protocol into a more comprehensive financial institution, potentially giving XRP greater utility and legitimacy in the eyes of both retail and institutional investors.
Although Portnoy’s decision to sell XRP was influenced by Circle’s growing presence, the market’s response suggests that Ripple remains a dominant player in the space—and that the competition may be far from over.
The Emotional Rollercoaster of Trading
Portnoy’s case serves as a stark reminder of the emotional challenges that come with crypto trading. Fear of missing out (FOMO) can drive people into assets without thorough research, while fear of loss often prompts them to exit too early.
For Portnoy, this wasn’t the first time he’s voiced regret over a crypto trade. He’s previously shared similar stories about Bitcoin and Dogecoin, admitting that his investment decisions often stem from gut feelings rather than analysis.
“I was the XRP king,” Portnoy joked, adding that watching it hit $3.60 shortly after he sold was a “punch in the gut.”
What This Means for Crypto Traders
XRP’s rally, combined with recent positive developments in U.S. crypto legislation, suggests that investor confidence is rising once again. The broader bullish trend across the crypto market indicates that this may not just be an isolated pump, but part of a larger cycle shift.
Bitcoin dominance remains a key indicator to watch. If it begins to retreat while altcoins like XRP surge, it could signal the start of a more extended altcoin season—potentially offering significant upside for investors willing to weather the volatility.
While Portnoy may have missed out this time, the crypto market rarely stands still. New opportunities continue to emerge, especially in environments where legislative and institutional support appears to be growing.
