Key Takeaways
- Dave Portnoy sold his XRP at $2.40, only for the token to surge to an all-time high of $3.45 just weeks later.
- Despite criticism and a significant drop in his token JAILSTOOL, Portnoy insisted he remained committed to the project.
- XRP’s price spike was driven by major pro-crypto legislation passed by the U.S. House of Representatives.
Dave Portnoy, founder of Barstool Sports and known for his pizza reviews, has expressed regret after selling most of his XRP holdings just before the cryptocurrency surged to a new all-time high on Thursday, July 17.
This disappointment comes as Portnoy faces growing scrutiny over his memecoin, Stool Prisondente, following concerns from the community about his long-term commitment to the project.
Portnoy’s XRP Sell-Off
In a video posted to X, Portnoy lamented his decision to sell XRP, stating:
“I would’ve made millions, and I want to cry. I don’t own it anymore, even though I was the leader of the XRP army.”
He added in the accompanying caption:
“I sold my XRP 2 weeks ago. No further comments at this time.”
Portnoy explained that he sold XRP at $2.40 based on advice from a source who had originally recommended the investment:
“I sold XRP when it went up to $2.40 because the guy that told me to buy it told me to sell it because he thought Circle would compete with them and was unhappy with it.”
Just weeks later, XRP hit a peak of $3.45, marking its highest price in eight years.
Memecoin Woes
Portnoy has also faced backlash from holders of his memecoin, Stool Prisondente (JAILSTOOL), especially after the token’s value dropped sharply.
In February, he posted on X in an effort to reassure the community of his commitment:
“The fact I’m still putting my own money into #Jailstool cause I don’t want people losing money shows that my heart is too big for this stupid space. I need a blacker heart. Rise #Jailstool rise.”
Portnoy claimed he had personally invested hundreds of thousands of dollars into the token and pledged up to $1 million more as it grew:
“I coulda cashed out for 6 million. I didn’t. But I’m not just gonna promote forever for free while sharks eat Minos,” he said.
“I’ve done exactly what I promised to do like I always do. 100% transparent.”
According to CoinGecko JAILSTOOL is trading at $0.003034, down 55% from its April high.
XRP Rally
The surge in XRP’s price this week was driven by a combination of favorable U.S. legislative moves and growing institutional interest.
On Thursday, the U.S. House of Representatives passed three significant crypto-related bills:
- CLARITY Act (Digital Asset Market Clarity Act): Provides clearer regulatory frameworks for digital assets.
- GENIUS Act (Guiding and Establishing National Innovation for US Stablecoins Act): Establishes rules for stablecoin issuance.
- Anti-CBDC Surveillance State Act: Pushes back against federal control via central bank digital currencies (CBDCs).
The passage of these bills sent a strong signal that U.S. lawmakers are moving toward legitimizing and regulating the crypto sector.
Additionally, Ripple Labs, issuer of XRP, boosted confidence by applying for a national bank charter in the U.S. on July 2, just two days after stablecoin issuer Circle submitted a similar application.
If approved, Ripple could operate as a regulated financial institution, strengthening XRP’s role in cross-border payments and other financial services.
Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
