XRP News: Crypto Community Reacts As Dave Portnoy Loses Out Millions In XRP

In a significant XRP news development, internet personality Dave Portnoy announced in a recent social media post that he sold his XRP at $2.40.

This occurred weeks before it reached $3.66, resulting in missed profits and strong reactions across the cryptocurrency space.

Dave Portnoy Sold XRP Too Soon Before Price Surge

Ripple Labs’ associated digital asset, XRP, hit a new yearly high of $3.66 on July 18, trading on the Arkham exchange.

One of the trending updates in the industry involves Barstool Sports founder Dave Portnoy. The news involved the premature sale of his XRP holdings, making him lose out on unrealized gains amid the current rally.

According to the post, he said he exited his position at $2.40 after receiving advice from a friend.

Interestingly, the X post quickly gained attention online as Portnoy expressed regret, stating that he had missed out on millions and felt devastated by it.

He added that the friend who initially told him to buy XRP later told him to sell. The person warned him that Circle would be a competitor. Portnoy followed the suggestion and sold.

His early exit occurred just before XRP broke past its yearly high of $3.6 and continued to rise.

Market data showed a 19.61% gain in the last 24 hours alone. The latest jump also pushes the coin closer to its previous all-time high of $3.84, set back in 2018.

The timing of Portnoy’s decision drew wide attention. Many in the crypto world began discussing not only the price move but also the reasons behind the sale.

John Deaton Responds to XRP-Circle Confusion

Attorney John E. Deaton responded to the post, pointing out that the advice Portnoy received may have been based on a mix-up.

He said XRP, the digital asset, does not compete with Circle, the firm behind the USDC stablecoin.

Instead, he noted that Ripple, the company that uses XRP as a bridge asset and develops on the XRP Ledger, is in the same space as Circle.

Likewise, Deaton mentioned that Ripple’s stablecoin, RLUSD, would compete with USDC, not XRP itself.

He also mentioned reports that Ripple once considered buying Circle. In his view, the person advising Portnoy failed to understand the difference between Ripple and XRP.

Others in the space agreed, pointing to how often XRP is mistaken for Ripple.

The discussion also led to renewed debate over the need for clearer information about crypto assets and their use.

XRP News: Price Gains Fuel Market Attention

XRP’s recent price surge has garnered significant attention. Over the past year, it has risen 277% against Bitcoin, which has increased by about 88% during the same period.

On some exchanges like Arkham, XRP has already hit a new ATH.

This performance occurred despite XRP having no approved spot ETF in the U.S., a reality that may be changing. On July 18, ProShares launched its Ultra XRP ETF on NYSE Arca.

It is worth noting that other firms, such as Bitwise, Franklin Templeton, and Teucrium, also have pending applications for XRP-linked funds.

Traders are watching closely to see if approval for a U.S. spot ETF will follow.

Crypto analyst Kyle Chassé noted that XRP’s growth came without major treasury support or DeFi yield options.

Another analyst, known online as Dark Defender, posted that a technical pattern known as a “cup and handle” had formed, which could signal more gains ahead.

While it is unclear how long the current rally will last, XRP has taken the spotlight.

With growing investor interest, recent ETF activity, and price momentum, XRP could remain a focus in the coming weeks.