Barstool Sports founder Dave Portnoy has stated that he is waiting for XRP, one of the top altcoins, to hit $1.75 before making a massive investment.
The Ripple-linked token is currently changing hands at $1.87 after hitting an intraday low of $1.77, according to CoinGecko data.
"Love-hate" relationship
Portnoy has had a "love-hate" relationship with XRP this year. This relationship can be characterized by emotional trading, bad timing, and aggressive re-entries.
He admitted he didn't care about the technology or fundamentals. He bought purely out of FOMO (Fear Of Missing Out), calling himself the "leader of the XRP army" and comparing XRP's potential to early Bitcoin.
In June, he panic-sold his entire XRP holding (approx. $3 million worth) at around $2.40. A friend warned him that stablecoin regulation (specifically regarding Circle/USDC) could hurt Ripple.
Immediately after he sold, XRP surged to roughly $3.65. Portnoy publicly melted down, saying he "wanted to cry" and felt "sick" for missing out on millions in gains.
This cemented his reputation in the crypto community for having "paper hands".
During a market crash, Portnoy bought $1 million worth of XRP (along with Bitcoin and Ethereum). He tweeted, "When there's blood in the streets, I'm like a Great White Shark."
He bought back in around the $2.14 level, viewing the crash as an overreaction and a chance to get back in after his July mistake.
Now that XRP has cooled off from its November levels (trading around $1.84), he is looking to average down or increase his position size significantly if it touches $1.75.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team