Barstool Sports founder Dave Portnoy shared his disappointment after missing the recent XRP price surge, having sold most of his holdings just weeks before the cryptocurrency reached its yearly high.
Portnoy Sold His XRP Holdings
XRP recently surpassed its yearly high of $3.29, reaching $3.60. Portnoy admitted he sold his holdings at $2.40 based on advice from a contact who expressed concerns that Circle, the stablecoin issuer, could compete with Ripple.
XRP Rally and Its Market Impact
XRP's rally was part of a broader surge across the crypto market, driven by positive legislative developments in the U.S. and growing investor confidence. On Thursday alone, approximately $68.16 million worth of XRP short positions were liquidated, as the asset's price spiked sharply, catching many traders off guard.
Legislative Events in the US and Their Significance
On Wednesday, the U.S. House of Representatives passed several key bills that could shape the future of crypto regulation in the country. The CLARITY Act, aimed at establishing a clear regulatory framework for crypto markets, was passed with a 294-134 vote. The GENIUS Act was also approved by a vote of 308-122.
Regretting his early XRP sale, Dave Portnoy becomes part of the larger discussion surrounding trends in the cryptocurrency sector and legislative changes that could significantly influence the future of the market.
