Barstool Sports founder Dave Portnoy, a trader with 3.7 million followers on X, has revealed a major XRP acquisition.
This came in a tweet today in which he announced that he had purchased more than $2 million in crypto assets during Monday night’s market downturn.
The move included a massive $1 million position in XRP and has caught the attention of Eric Trump, who called it a “smart trade.”
Portnoy Buys $1M in XRP Amid “Blood in the Streets”
Portnoy described the moment as classic “blood in the streets” trading, saying he acted like a “Great White Shark” during the market dip.
In the video posted on X, he detailed his rapid-fire buys on November 17. At 6:38 PM, he purchased $500,000 worth of XRP, followed by $400,000 worth of Ethereum and $750,000 worth of Bitcoin at 6:37 PM.
One minute earlier, at 6:36 PM, he added another $500,000 of XRP, bringing his total XRP purchase to $1 million.
According to Portnoy, the opportunity was too compelling to ignore:
“I bought over $2,000,000 in crypto. There’s blood in the streets, and I’m like a Great White Shark.”
Eric Trump Calls It a “Smart Trade”
The announcement drew notable reactions, including one from Eric Trump. He publicly praised the move, saying, “Smart trade, Dave Portnoy.”
Eric has been increasingly active in crypto conversations throughout the year. He previously predicted that Bitcoin could end the year at $170K and reach $1 million in the years to come. He often calls for buying the dip during market downturns, hence his praise for Portnoy’s $2 million investment.
For context, Portnoy’s buys came amid significant weekly and monthly declines across major cryptocurrencies.
XRP is trading at $2.14 after dropping 10.3% in the past week. Bitcoin sits at $90,919, down 12% over the same period, while Ethereum has slid to $3,038, falling 11.77%.
On the monthly chart, the losses are even deeper, with Bitcoin down 18.5%, Ethereum down 25.5%, and XRP down 13.14%.
The steep declines have created the kind of environment traders like Portnoy see as a buying opportunity.
Portnoy’s Previous XRP Exposure
In an interview in May, Portnoy explained why he invests in XRP, saying his interest is mainly due to “good FOMO.”
He likened XRP’s upside potential to Bitcoin’s early days. Portnoy said he enjoys the thrill of making money effortlessly, comparing crypto gains to placing successful bets. He admitted he doesn’t rely on XRP’s fundamentals but sees it as one of the few tokens that still carries underdog appeal.
Meanwhile, in July, The Crypto Basic reported that Portnoy regretted panic-selling roughly $3 million in XRP after misinterpreting a friend’s warning text.
He had planned to hold through volatility but sold at $2.40 when he feared bad news, only for XRP to surge to $3.65 shortly after. Portnoy said missing the rally made him “sick,” despite gains in BTC and ETH.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
