'I Need It to Rocket': Dave Portnoy Explains Why He Is Exiting XRP Well Short of $2

Cover image via youtu.be Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. Horse money versus Murphy's law Portnoy's XRP target runs into the 200-day moving average Advertisement While crypto enthusiasts debate XRP's potential return to its historic highs, Barstool Sports founder Dave Portnoy has set a specific exit target for the asset: $1.40. The businessman is thinking in purely practical terms as he urgently needs available cash to participate in the Saratoga Sales and Cleveland thoroughbred horse auctions in August. He simply does not have time to wait for a hypothetical move to $2 per XRP . Horse money versus Murphy's law Portnoy is counting on a quick market impulse to finally offset his previous multimillion-dollar losses. According to him, at the lowest point, his crypto portfolio was down between $3 million and $5 million. Shifting his focus from long-term holding to taking profits quickly, he explained that the decision was driven by a practical need: HOT Stories Legendary Crypto Exchange BitMEX Shuts Down, CZ Shares Reaction Ripple CEO Urges Congress to Pass Clarity Act "I need this rocket. XRP just went to $1.11 as I said it, but I need XRP at $1.40. All right, I need 30 more cents in XRP. I need Bitcoin at $80,000 . I need these things if I'm going to get more horses. I need them; Saratoga Sales are coming up, and Cleveland after that. I'm going to need Bitcoin, crypto, and XRP to do their part," Portnoy said on social media. Advertisement The investor also commented ironically on his own timing. According to him, cryptocurrencies regularly surge immediately after he sells at a loss. Portnoy even joked that the community should start paying him to exit his positions in order to stimulate market growth. Portnoy's XRP target runs into the 200-day moving average The technical picture shows that Portnoy's emotional target surprisingly coincides with the market's main obstacle. On the XRP/USD chart, the prolonged downtrend that began after last year's highs remains intact. Daily XRP price chart with 200 MA attached (red), Source: TradingView Where the price stands now: XRP is trading near $1.10, attempting to stabilize after the recent sell-off. The wall at $1.40: The 200-day moving average, shown by the red line, is located directly at Portnoy's target. Throughout the year, the price has repeatedly tested it from below and consistently bounced back down. Ultimately, Portnoy's strategy looks quite logical. Instead of waiting for a reversal of the broader trend, he plans to take the cash at the first major barrier, where medium-term traders typically begin closing their positions. Advertisement #XRP #Dave Portnoy #Ripple News