XRP News: The Cryptocurrency Community Reacts as Dave Portnoy Loses Millions of USD in XRP

In a significant news development regarding XRP, social media celebrity Dave Portnoy recently announced in a post that he sold his XRP for $2.40. This incident occurred a few weeks before the price reached $3.66, resulting in lost profits and a strong reaction across the crypto market. Dave Portnoy Sold XRP Too Early Before the Price Soared Ripple Labs' related digital asset, XRP, reached a new yearly high of $3.66 on July 18, trading on the Arkham exchange. One of the notable news in the industry relates to Barstool Sports founder, Dave Portnoy. This news is about the early sell of his held XRP, causing him to miss out on unrealized profits amid the current upward trend. According to the post, he mentioned that he exited his position at $2.40 after receiving advice from a friend. Interestingly, X's post quickly attracted online attention as Portnoy expressed regret, saying he missed out on millions of dollars and felt extremely distressed about it. He also mentioned that his original friend advised him to buy XRP and then told him to sell. That person warned him that Circle would be a competitor. Portnoy followed the advice and sold. He exited the position early just before XRP surpassed its yearly high of $3.6 and continued to rise. Market data shows that this cryptocurrency has increased by 19.61% in just the last 24 hours. This latest increase also brings this cryptocurrency closer to its previous all-time high of $3.84, set in 2018. The moment Portnoy made the decision attracted widespread attention. Many in the crypto market began discussing not only the price movements but also the reasons behind the deal. John Deaton Responds to the Confusion Between XRP and Circle Lawyer John E. Deaton responded to the post and pointed out that the advice Portnoy received may be based on misunderstanding. He stated that XRP, the digital asset, does not compete with Circle, the company behind the stablecoin USDC. Instead, he noted that Ripple, the company using XRP as a bridge asset and developing on the XRP Ledger, is operating in the same field as Circle. Similarly, Deaton mentioned that Ripple's stablecoin, RLUSD, will compete with USDC rather than with XRP itself. He also mentioned reports suggesting that Ripple had considered acquiring Circle. According to him, the advisor for Portnoy did not understand the difference between Ripple and XRP. Others in the field also agree and point out that XRP is often confused with Ripple. The discussion also led to a new debate about the need for clearer information about cryptocurrency assets and how to use them. XRP News: Price Increase Attracts Attention from the Crypto Market The recent price surge of XRP has attracted significant attention. Over the past year, the price of XRP has increased by 277% compared to Bitcoin, which has risen by about 88% during the same period. This performance was achieved despite XRP not having a spot ETF approved in the United States, a fact that may be changing. On July 18, ProShares launched the Ultra XRP ETF on NYSE Arca. Notably, other companies such as Bitwise, Franklin Templeton, and Teucrium also have applications for funds linked to XRP pending processing. Traders are closely watching to see if the spot ETF in the U.S. will be approved. Crypto analyst Kyle Chassé notes that the growth of XRP occurs without significant support from the treasury or DeFi yield options. Another analyst, known online as Dark Defender, posted that a technical pattern called "cup and handle" has formed, which could signal further increases in the future. Although it is unclear how long the current price increase will last, XRP has become the center of attention. With the increasing interest from investors, recent ETF activities, and the price surge, XRP may still be in the spotlight in the coming weeks.