The recent news about internet personality Dave Portnoy selling his XRP has attracted attention from crypto experts and journalists. His decision to sell the asset just before a price surge has become a topic of discussion in the industry.
Dave Portnoy's XRP Sale
Dave Portnoy, the founder of Barstool Sports, announced in a post that he sold his XRP holdings at $2.40, just weeks before the price reached $3.66. He expressed regret for missing out on the profits, noting that he made the decision based on advice from a friend who had previously recommended buying XRP. Portnoy stated that the adviser also warned him about competition from Circle, and he followed that advice.
John Deaton Responds to XRP-Circle Confusion
Attorney John E. Deaton commented on the situation, highlighting that the advice Portnoy received may have stemmed from a misunderstanding. He pointed out that XRP, as a digital asset, does not compete with Circle, the company behind USDC stablecoin. Instead, he emphasized that Ripple, which uses XRP as a bridge asset, competes with Circle. Deaton also mentioned that Ripple once considered acquiring Circle.
XRP Price Surge and Its Market Impact
XRP's recent price surge, rising by 277% against Bitcoin over the past year, has garnered significant attention. Despite the lack of an approved spot ETF for XRP in the U.S., the price continues to increase. On July 18, ProShares launched its Ultra XRP ETF on NYSE Arca, boosting investor interest. Analysts are closely watching the situation, including the formation of technical patterns that may indicate further growth.
The situation involving Dave Portnoy and the price surge of XRP emphasizes the importance of sound investment strategies in cryptocurrency and the need for clear understanding of distinctions between projects in the space.
