3 hours ago
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Barstool’s Dave Portnoy Invests $1 Million in XRP Amid Price Drop
Dave Portnoy has made a significant entry into the digital asset market by purchasing $1,000,000 in XRP, alongside $750,000 in Bitcoin and $400,000 in Ethereum. This move comes as XRP faces downward pressure, having fallen nearly 15% over the past week, trading around the $2.13 mark.
Key Points:
- Portnoy's purchase is seen as a contrarian move amidst negative sentiment surrounding XRP.
- The expected bullish impact of the Canary XRP ETF launch did not materialize, keeping prices low.
- Market analyst Barri C predicts a potential substantial surge in XRP value soon.
- Bitwise Asset Management announced a spot XRP ETF, with initial incentives to attract traditional investors.
- Portnoy's investment is perceived as a strategic bet on emerging market drivers rather than current sentiment.
This allocation suggests Portnoy's confidence in XRP's long-term potential, possibly influenced by institutional momentum and infrastructure developments which may drive future price increases.
