Dave Portnoy is probably kicking himself right now. The Barstool Sports founder recently admitted that he sold most of his XRP just weeks before it hit a new year-to-date high on Thursday. And let’s just say, he’s not thrilled about it.

"I would’ve made millions, and I want to cry," Portnoy said in a video posted to X. He went on to explain that despite being the self-proclaimed "leader of the XRP army," he no longer owns the token.

What happened? Well, Portnoy sold his XRP when it hit $2.40 because the guy who told him to buy it also told him to sell it. Why? He thought Circle was going to compete with Ripple Labs and wasn’t too happy with XRP’s future. Ironically, just days before, Ripple had applied for a national bank charter in the U.S., which made things a little more interesting. But Portnoy? Not sold.

Portnoy’s FOMO, XRP's Gain

Portnoy himself admitted he didn’t have “some grand belief” in XRP. He bought it out of pure FOMO, thinking, "Hey, this could be the next Bitcoin." And we all know what happened to Bitcoin, right? But it wasn’t just FOMO that stung; his timing was downright tragic. When XRP broke its yearly high of $3.29 and surged to $3.60, Portnoy had already sold out at a measly $2.40. A 19.61% gain in just 24 hours? Yeah, you can see why he’s crying now.

hodl-post-image
Source: Giphy

The rally was a big deal, not just for XRP but for the crypto market in general. According to Coinglass data, XRP surged, and in just a day, about $68.16 million in short positions were liquidated. This came amid a broader crypto market rally that started when Bitcoin surged past its May high of $112,000.

A Wild Ride for Crypto and Legislation

But that wasn’t all. Thursday also saw some legislative fireworks in the U.S. House of Representatives. They passed a trio of crypto-related bills, including the Digital Asset Market Clarity (CLARITY) Act, which aims to establish a market structure for cryptocurrencies. The Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act also passed, and let’s not forget the Anti-CBDC Surveillance State Act. Basically, crypto got some major legislative love, and the market was here for it.

So, while Portnoy is crying over spilled XRP, the rest of the crypto world is celebrating. But hey, maybe next time, Dave will hold on to his crypto a little longer.

Kraken Launches Regulated Crypto Futures Platform for U.S. Traders | HODL FM
On Thursday, Kraken launched its long-awaited regulated crypto…
hodl-post-imageHODL FM: The Wildest Ride in the Crypto MarketMatvii Diadkov
hodl-post-image

Disclaimer: All materials on this site are for informational purposes only. None of the material should be interpreted as investment advice. Please note that despite the nature of much of the material created and hosted on this website, HODL FM is not a financial reference resource, and the opinions of authors and other contributors are their own and should not be taken as financial advice. If you require advice. HODL FM strongly recommends contacting a qualified industry professional.