XRP News Today: Barstool Founder Regrets Selling XRP Before 20% Surge

Barstool Sports founder Dave Portnoy has expressed deep regret over selling most of his XRP holdings just weeks before the cryptocurrency's price surged to a historic high. Portnoy, who had been a vocal advocate for XRP, took to social media to share his disappointment, stating that he would have made millions if he had held onto his XRP stack.

Portnoy revealed that he sold his XRP when the price reached $2.40, following advice from someone who believed that Circle, a rival stablecoin issuer, would compete with Ripple. This decision came just two weeks before XRP's price skyrocketed over 20% within a 24-hour period, reaching a new record high of $3.65. The surge in XRP's price followed the passage of three significant pieces of crypto legislation in the US House of Representatives, including the GENIUS Act, which aims to create a federal framework for stablecoins. This legislative development aligns with Ripple's ambitions for its RLUSD stablecoin, boosting investor confidence in the cryptocurrency.

Portnoy had previously acknowledged that his investment in XRP was driven by FOMO (fear of missing out), rather than a strong conviction in the asset's potential. He had hoped that XRP could become the next Bitcoin, but his lack of deep understanding of the cryptocurrency's fundamentals led him to sell his holdings prematurely.

Meanwhile, Ripple co-founder and Executive Chairman Chris Larsen transferred approximately $26 million worth of XRP to the crypto exchange Coinbase earlier this week. This move, which occurred just before XRP's price began its explosive trajectory, has sparked speculation about a potential sale. Transfers to centralized exchanges are often seen as an indication that the owner is preparing to take profits. Larsen's wallet movement has raised questions about whether he, too, may be regretting selling his XRP holdings early.

The recent developments surrounding XRP highlight the volatile nature of the cryptocurrency market and the challenges faced by investors in making timely decisions. Portnoy's experience serves as a cautionary tale for those who may be tempted to sell their holdings based on short-term market fluctuations or external advice, rather than a thorough understanding of the asset's long-term potential. As the cryptocurrency market continues to evolve, investors will need to remain vigilant and informed in order to navigate its complexities and capitalize on emerging opportunities.