Portnoy Sets Sights on XRP's $1.40 Resistance Level

Barstool Sports founder Dave Portnoy has announced that he plans to cash out his XRP holdings at $1.40. This decision comes after a reported loss of $3 million to $5 million in his crypto portfolio, which he attributes to past market lows.

In a tweet, Portnoy stated that he needs the market to skyrocket so he can buy more horses, hinting at an upcoming racehorse auction. He added that Bitcoin must rise to $80,000 and all three assets - Bitcoin, cryptocurrencies, and XRP - need to perform well for him to participate in the event.

The target price of $1.40 is significant as it aligns with a key resistance level around the 200-day moving average, which XRP has repeatedly tried to break through this year but was pushed back each time. By setting this target, Portnoy aims to secure cash before waiting for a potential long-term rebound.

Interestingly, Portnoy poked fun at his own market timing skills, joking that the community might need to pay him to close out his positions if they want the market to rise.