Barstool Sports founder Dave Portnoy recently revealed he sold all of his XRP holdings just two weeks before the token saw a significant surge.
Portnoy's XRP Sale
Portnoy stated he dumped his XRP at $2.40 after being advised by someone who claimed USDC issuer Circle would compete with Ripple. "It's up 60% since I sold it, and I would have made millions, and I want to cry," Portnoy added.
New Highs for XRP
Earlier today, XRP surged to a new record peak of $3.65 according to CoinGecko data, but later pared some of its gains. However, some analysts questioned whether the popular altcoin really hit a new ATH, noting it had actually reached $3.84 on certain markets. In January, Ripple CTO David Schwartz stated that this figure could be misleading as it involved prices from major Korean exchanges where XRP traded at a significant premium.
Why XRP's Peak Is Not Impressive
While XRP has significantly outperformed other major cryptocurrencies over the past year, it barely surpassed its peak from early 2018. For comparison, Bitcoin has surged by 850% since its early 2018 peak of about $20,000, while Ethereum is up by 400%. Researcher Leonidas Hadjiloizou pointed out, "XRP still has a lot of catching up to do...".
Portnoy's recent sale of XRP highlights the risks and opportunities involved in cryptocurrency trading. While XRP is experiencing growth, questions regarding its historic highs and current market position raise concerns about its long-term resilience.
