Portnoy Misses XRP 50% Rally After $2.40 Sale, GENIUS Act
Barstool Sports founder Dave Portnoy sold his XRP at $2.40 two weeks ago, only to watch the token surge over 50% to a record high above $3.60. As of now, XRP trades near $3.40, up 25% in seven days and boasting a market cap above $200 billion. Portnoy blamed a tip-off fearing competition from Circle’s USDC, echoing an earlier exit from the GREED meme coin. The rally is driven by U.S. crypto legislation, notably the GENIUS Act backing Ripple’s RLUSD stablecoin, and the prospect of an executive order unlocking a $9 trillion retirement market for digital assets. Institutional demand is rising: open interest in XRP perpetual futures hit a record $8.8 billion. This episode underscores XRP’s volatility and the emotional hurdles retail traders face amid regulatory shifts and mounting market momentum.
Bullish
The news is bullish for XRP: regulatory clarity from the GENIUS Act and potential executive orders provide strong long-term catalysts, while rising institutional demand—evidenced by record open interest of $8.8 billion—supports short-term price momentum. Retail traders’ FOMO and broader market optimism could further amplify XRP spikes. However, high volatility remains, so disciplined entry and exit strategies are advised.