- Dave Portnoy is monitoring XRP scrupulously and is set to buy a huge amount upon a decrease to $1.75.
- After hitting an intraday low and recovering, XRP is currently being traded around $1.87, which has made the traders stay keen.
- Portnoy’s passionate past with XRP showcases the potential dangers of FOMO-initiated crypto trading..
XRP seems to attract very strong reactions from some of the most influential persons in the world. Among those personalities, Dave Portnoy is arguably the loudest example. The founder of Barstool Sports has once more drawn the attention to the altcoin.
He says that he is going to invest a large sum of money in the token when it reaches the price of $1.75. The remark is made at a time when XRP is valued at about $1.87 after a quick drop to $1.77. To the market, the signal is unmistakable. Portnoy still has his eyes on the Ripple token.
His rapport with Ripple was always tumultuous. It has always been noisy, passionate, and open. Portnoy confessed that he is indifferent to the technology of the altcoin. His motive for purchasing was solely FOMO. He even went so far as to proclaim himself the “general of the XRP army” and draw a parallel between the token’s potential and that of Bitcoin at the very beginning. However, those words quickly lost their relevance.
Also Read: XRP Near Oversold: Weekly RSI Hits 33, Could $1.83 Be a Major Buying Zone?
XRP and Portnoy’s Costly Timing
At the beginning of this year, practically $3 million worth of Ripple tokens by Portnoy was sold hastily at the $2.40 mark. He got a tip that regulation regarding stablecoins, particularly with regard to Circle and USDC, might negatively impact Ripple. He took heed. Very shortly afterward the market went in an opposite direction.
The Ripple token skyrocketed to about $3.65. Portnoy had a breakdown in front of everyone. He mentioned that he felt nauseous. He claimed that he felt like crying. The cryptocurrency community kept that memory alive.
This one transaction gave rise to his nickname “paper hands”. Still, Portnoy was not gone. He came back with a loud voice when the whole market crashed. He acquired $1 million tokens along with Bitcoin and Ethereum. He pictured it as a safari. He tweeted,
“When there’s blood in the streets, I’m like a Great White Shark,”
XRP Price Levels and $1.75 Trigger
Later on, Portnoy got back into the Ripple at approximately $2.14. According to him, the withdrawal of funds was an exaggeration. He considered it a new opportunity after the error he made in July. At this moment, the altcoin has declined from its peak in November and is at about $1.84 to $1.87 now. This range is significant. Portnoy has set a boundary at $1.75.
In case XRP hits that level, he intends to either do averaging down or very much increase his position size. This situation for traders, however, illustrates a recurring theme. The altcoin does not only function as a token. It attracts sentiment. The involvement of big players, big feelings, and quick moves is very likely to happen.
Portnoy has a singular view of $1.75 for XRP-a shot at redemption and it all depends on the chart.
Also Read: XRP Price Prediction: Can XRP Move to $2 Before December Ends
