The Barstool Sports founder said he needs crypto gains to free up cash for Saratoga Sales and Cleveland purchases, while XRP’s 200-day moving average sits near his target.
Dave Portnoy says he plans to sell XRP at $1.40 rather than wait for a move to $2, as he wants cash available for the Saratoga Sales and Cleveland thoroughbred horse auctions in August. Portnoy said his crypto portfolio was down between $3 million and $5 million at its lowest point, and framed the target as a practical attempt to recover losses and raise funds quickly. In social media comments, he said XRP had reached $1.11 and that he also needed Bitcoin at $80,000. The article argues that his target aligns with a notable technical barrier: XRP is trading near $1.10, and the 200-day moving average (a long-term trend indicator) is around $1.40, a level where the XRP/USD chart has repeatedly failed this year after testing from below. The broader downtrend from last year’s highs remains in place, suggesting Portnoy’s approach reflects a short-term profit-taking plan rather than a bet on a full trend reversal.