Dave Portnoy, a widely followed crypto day trader, has publicly disclosed his latest acquisition of XRP, investing $1 million in the asset.
Portnoy made the announcement during his latest day trading livestream, where he commented on the bearish momentum that swept the market on Monday. He emphasized that when there’s “blood on the streets,” it is the best time to buy crypto assets.
For context, on exchanges like Binance, the price of XRP dropped by over 35%, from an intraday high of $2.80 to as low as $1.77. Similarly, Bitcoin dipped from near $100K to just above $91K. Likewise, Ethereum came very close to losing the $2,000 mark amid the bearish pressure.
Capitalizing on the Dip for Potential Gains
Before announcing his strategic trading moves amid the red market, Portnoy pondered why the crypto market had to react to Donald Trump’s tariff impositions on Canada and Mexico, questioning the correlation.
He described the downturn as merely a short-term move that brings significant opportunities to market participants. Portnoy noted that anyone can capitalize on a green market, but when it’s red, the fear of loss scares people away.
However, he urged market participants to strategically buy into the red market for better positioning.
Buying an Additional $1 Million in XRP on the Dip
Portnoy led by example, announcing that he had invested an additional $1 million into XRP during his livestream.
At the time of the disclosure on Monday evening, XRP was in recovery mode. It traded around $2.40, which was still a discount compared to its earlier highs in the $3 range.
Indeed, his XRP purchase proved strategic and is already paying off significantly, as the price of XRP has continued to rise since the announcement.
At press time, XRP is trading at $2.60, boasting an 11% gain. Notably, XRP had reached an intraday high of $2.78 before retracing slightly. When considering the lows at $1.77 from yesterday, this implies a massive rebound of 47%.
Notably, Dave Portnoy, founder of Barstool Sports, has publicly disclosed his bullish perspective on XRP more than once. Previously, he shared a GIF of XRP “going to the moon” on X, signaling his belief in a dramatic rise in XRP’s price.
Portnoy, who has 3.4 million followers on X, previously revealed holding about $1.3 million in XRP. This earned him recognition in the XRP community as an “official member” of the “XRP Army.”
With his latest $1 million commitment to XRP, his disclosed XRP holdings now stand at around $2.3 million.
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