Eric Trump Reacts to Dave Portnoy’s $1,000,000 XRP Purchase

Barstool Sports founder Dave Portnoy has disclosed a significant purchase of XRP, confirming that he acquired $1 million worth of the asset during the latest market decline. Portnoy, who has a large following of more than 3.7 million users on X, shared the update in a video posted on Monday night.

In the same announcement, he revealed that his total spending on digital assets that evening exceeded $2 million, spread across multiple cryptocurrencies. His move quickly drew attention from public figures, including Eric Trump, who described the purchase as a smart decision.

Portnoy’s Large XRP Allocation During Market Downturn

In the video published on X, Portnoy outlined the sequence of trades he executed on November 17 when the market experienced notable volatility. He stated that at 6:38 PM, he added $500,000 of XRP to his portfolio, followed by a $400,000 allocation to Ethereum and a separate $750,000 order for Bitcoin one minute earlier.

Records from his post also show that at 6:36 PM, he placed another order for $500,000 worth of XRP, bringing his total XRP expenditure to $1 million within a two-minute window. He indicated that the scale of the price drop across major cryptocurrencies created conditions that he viewed as favorable for large entries.

Portnoy explained that he saw the sharp declines as an opportunity he did not want to overlook. His video highlighted that the purchases were made rapidly and were driven by a desire to take advantage of the broader sell-off occurring that evening.

Eric Trump Reacts to Portnoy’s Disclosure

Following Portnoy’s announcement, Eric Trump responded publicly, expressing support for the decision and characterizing it as a good strategic move. Trump has made comments throughout the year regarding cryptocurrency trends and has regularly encouraged buying during market retracements.

Earlier statements from him included predictions that Bitcoin could reach $170,000 by year-end and potentially rise to $1 million over a longer horizon. His endorsement of Portnoy’s investment is consistent with these previously stated views.

Portnoy’s purchases came at a time when major cryptocurrencies were posting sustained weekly and monthly losses. XRP’s price has fallen to $2.07 after an 11.66% decline in the past week.

Bitcoin is currently at $89,719, reflecting a 11.51% weekly decrease, and Ethereum has fallen to $2,940 after dropping 13.66% in the same period. Over the past month, the declines have been more pronounced, with Bitcoin losing 18.97%, Ethereum declining by 25.4%, and XRP dropping 15.66%.

Portnoy’s Earlier Comments on XRP

Portnoy has previously discussed his views on XRP in interviews. In May, he explained that his interest in the asset stems partly from what he described as strong fear-of-missing-out dynamics.

He drew comparisons between XRP’s growth potential and his early experiences with Bitcoin, noting that he is especially attracted to the possibility of rapid gains. He also acknowledged that he does not base his decisions on XRP’s fundamental qualities, but rather on the asset’s perceived capacity for significant upward movement.

His history with XRP includes a notable incident earlier in the year. In July, reports indicated that Portnoy sold roughly $3 million worth of XRP after misinterpreting a message from a friend as a warning of negative developments.

He closed his position at $2.40, only for XRP to rise to $3.65 afterward. Portnoy later expressed regret over the decision, stating that the unexpected rally left him dissatisfied despite positive outcomes from his positions in Bitcoin and Ethereum.

Portnoy’s latest acquisition underscores his continued interest in major cryptocurrencies despite recent market volatility. The positive reaction from Eric Trump adds a political figure’s endorsement to the discussion, further amplifying attention on the transaction.