Dave Portnoy dumped his XRP two weeks ago: ‘I want to cry’

• Portnoy sold all XRP at $2.40, missing a 60% rally.
• ETF rollout magnifies volatility and opportunity.
• XRP ranks #1 on Coinbase for 24H trading volume, topping $23 billion.

The announcement by Dave Portnoy to sell all of his XRP at the price of 2.40 reignited the topic since the cryptocurrency has seen one of its steepest gains this year. Portnoy, a crypto investor, bemoaned the fact that he lost out on millions of dollars as XRP surged 60% in two weeks, reaching a peak of $3.64 before leveling off at around $3.45 today.

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The current daily trading volume of XRP has exceeded the mark of more than $23 billion, and it has taken the first place on Coinbase, which has become an all-time high in the attention of investors. The buying spree follows soon after new products have been launched and government windfalls behind digital assets, and it is giving both retailers and institutions confidence.

Leveraged ETF Launch Pressures Short Sellers

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In his X post , Portnoy said he sold XRP after being advised that the future of Ripple was threatened by competition with USDC issuer Circle. “I dumped it because I heard that Circle could compete with XRP.”It has increased 60 percent since I sold and I left millions on the table,” Portnoy complained in a video that he recently posted. Assuming that he had retained his initial stance and used only a small amount of pressure, he would have realized an estimated ROI of 480%, or almost five times his money, in fourteen days.

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Today, things went a notch higher when Proshares launched the Ultra XRP ETF (UXRP) and a leveraged Solana product. UXRP is listed on NYSE Arca and aims at providing twice as much daily returns compared to the XRP. 

The launch is considered an epiphany, which validates the position of XRP in the mainstream financial system, and paves the way to quicker, increased trading exposure of both individual and institutional investors. ProShares purports that the Ultra XRP ETF is geared towards traders that want to leverage their daily profits on XRP, and not people that are willing to hold it in the long term.

Newfound optimism among investors was also accompanied by the biggest short liquidation in weeks: XRP shorts worth $68 million have been liquidated in the past 24 hours, as the prices rose above $3.60. It came after a series of legislative victories of digital assets in the U.S., as well as a wider crypto market cap boom.

FOMO Grips Market as XRP Momentum Builds

XRP has a market value of almost $203 billion and a daily increase of almost 15 percent. XRP alone is up more than 60% in July, which has helped it to reach the highest price and trading levels since the start of the year. Retail and institutional flows have poured in and taken advantage of both the current boom and new leverage products.

Portnoy had already given his reason as FOMO being the main driver behind the purchase of XRP. “What if this is the next Bitcoin? That was my thinking. I did not purchase on principle, I did it on a whim” he said in a live speech and this is the same reason many short-term traders do the same.