Even as crypto fans discuss whether XRP will regain its previous peak value, Barstool Sports’ Dave Portnoy has stated he’ll sell his XRP holdings when it reaches $1.40.
The businessman needs money now to bid on horses at the upcoming sales in Saratoga and Cleveland this August, so he’s focusing on immediate solutions. He doesn’t have the luxury of waiting for a potential price increase of his XRP cryptocurrency.
Horse money versus Murphy’s law
Portnoy is hoping for a rapid surge in the market to recover the millions of dollars he’s lost. He estimates his cryptocurrency investments fell between $3 million and $5 million at their worst point. Now, instead of holding onto crypto for long periods, he’s prioritizing quick profits because he needs to address these losses.
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Portnoy stated he needs the price of XRP to reach $1.40 (currently at $1.11) and Bitcoin to hit $80,000. He explained that these financial goals are necessary for him to purchase more horses, specifically for upcoming sales in Saratoga and Cleveland. He’s counting on Bitcoin, other cryptocurrencies, and XRP to increase in value to make these purchases possible.
The investor jokingly noted the unfortunate pattern of his cryptocurrency trades: prices tend to go up right after he sells for a loss. He even quipped that people should pay him to sell, as it seems to boost the market.
Portnoy’s XRP target runs into the 200-day moving average
Interestingly, what seems to be bothering Dave Portnoy aligns with the biggest challenge facing the overall market. Looking at the XRP/USD price chart, the significant downward trend that started after its peak last year is still in place.
- Where the price stands now: XRP is trading near $1.10, attempting to stabilize after the recent sell-off.
- The wall at $1.40: The 200-day moving average, shown by the red line, is located directly at Portnoy’s target. Throughout the year, the price has repeatedly tested it from below and consistently bounced back down.
In the end, Portnoy’s plan makes good sense. Rather than hoping for the market to change direction, he intends to secure his profits when it hits a key level – a point where many short-term traders usually cash out.
2026-07-23 19:54