In his recent social media post, Barstool Sports co-founder Dave Portnoy has hinted at buying another XRP dip. He has also purchased Bitcoin (BTC) and Ethereum (ETH).
As reported by U.Today, Portnoy recently revealed that he had bought $1 million worth of XRP. This came after XRP experienced a significant price plunge, teetering on the verge of collapsing below the $2 level.
Portnoy does not consistently hold crypto long-term; he tends to “bet and set it” rather than actively trade.
For instance, he bought a sizeable number of XRP tokens earlier this year but later sold them at around $2.40 after some caution about competition from Circle/USDC. XRP surged 60% after he sold.
He publicly expressed regret for dumping his tokens, claiming that he actually wanted to cry after the price surge.
The most recent purchase, however, is unlikely to restore his reputation within the XRP community due to Portnoy's constant flip-flopping.
XRP's recovery
XRP is currently trading at $2.24 after surging by more than 8% over the past 24 hours.
The cryptocurrency is currently benefiting from the ETF hype following several major launches, which explains Portnoy's interest.
Canary Capital's XRPC debuted with $58 million in trading volume on the very first day, which is the most successful debut of the year so far. Bitwise's XRP ETF product logged $57 million on its first day, which is also extremely impressive.
Still, the token is failing to experience a substantial rally despite the excitement surrounding numerous ETF launches and growing institutional demand.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team
