Eric Trump Calls Dave Portnoy’s $1 Million XRP Purchase Smart Trade

TLDR

• Dave Portnoy purchased $1 million worth of XRP during Monday night’s market downturn.
• Portnoy bought $2 million in crypto assets in two minutes on November 17.
• Eric Trump publicly praised the investment and called it a smart trade.
• Portnoy also acquired $750,000 in Bitcoin and $400,000 in Ethereum during the dip.
• XRP dropped 10.3% over the past week and currently trades at $2.14.

Barstool Sports founder Dave Portnoy bought $2 million in crypto assets on Monday night. His purchase included $1 million in XRP during steep market declines. Eric Trump responded to the announcement, calling it a “smart trade.”

Portnoy shared the details in a video on X, where he has 3.7 million followers. He described the market conditions as “blood in the streets” and acted quickly. The trader compared himself to a “Great White Shark” as he made his moves.

Portnoy Reveals Rapid-Fire XRP and Crypto Buys

Portnoy executed his trades within minutes on November 17. At 6:36 PM, he purchased $500,000 worth of XRP first. One minute later, he added another $500,000 in XRP, bringing the total to $1 million.

His buying spree also included other major cryptocurrencies that evening. He acquired $400,000 worth of Ethereum and $750,000 worth of Bitcoin at 6:37 PM. The entire $2 million investment took just 2 minutes.

“I bought over $2,000,000 in crypto,” Portnoy said in his video. “There’s blood in the streets, and I’m like a Great White Shark.”

Eric Trump Endorses the Trade Publicly

Eric Trump quickly responded to Portnoy’s announcement on social media. He wrote, “Smart trade, Dave Portnoy,” in a public post. This reaction drew attention from crypto traders and enthusiasts alike.

Eric Trump has become increasingly vocal about cryptocurrency throughout 2024. He previously predicted Bitcoin could reach $170,000 by year-end. He also suggested the asset could hit $1 million in the coming years.

Eric Trump often encourages buying during market downturns. His endorsement of Portnoy’s XRP purchase aligns with this strategy. The praise came as major cryptocurrencies faced double-digit weekly losses.

XRP and Major Cryptos Face Sharp Weekly Declines

XRP trades at $2.14 after falling 10.3% over the past week. Bitcoin dropped 12% to $90,919 during the same period. Ethereum slid 11.77% to reach $3,038.

Monthly losses paint an even steeper picture for investors. Bitcoin fell 18.5% on the monthly chart. Ethereum declined 25.5%, while XRP dropped 13.14%.

Portnoy previously explained his interest in XRP during a May interview. He cited “good FOMO” as his main reason for investing. He compared XRP’s potential upside to Bitcoin’s early growth phase.

The trader admitted he does not rely on XRP fundamentals for his decisions. He views XRP as one of few tokens with underdog appeal remaining. Portnoy enjoys the thrill of effortless gains and compares crypto to successful sports bets.

He once sold XRP at $2.40 because he feared bad news. The token then surged to $3.65 shortly after his sale. Portnoy said missing that rally made him “sick” despite gains in Bitcoin and Ethereum.

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