Portnoy Commits to Holding Bitcoin to Zero

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: 1 hour ago

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Strategy Shift: Barstool Sports founder Dave Portnoy has declared he will hold his bitcoin position even if it drops to zero, reflecting his resignation to poor market timing and a shift from active trading to a long-term hold strategy.
Public Losses: Portnoy has openly admitted to mistiming his bitcoin trades multiple times, having lost millions during a severe bitcoin crash, which has turned him into a cautionary tale in crypto circles and highlights the risks of emotional trading.
Market Sentiment Impact: His statement not only signifies a personal strategy change but may also reflect widespread frustration among retail investors, especially as bitcoin's profit-and-loss ratio has recently hit multi-month lows, indicating a broader sentiment of defeat in timing the market.
Behavioral Finance Insights: Portnoy's experience illustrates a common retail investor psychology of buying at market highs and panic-selling at lows, underscoring the importance of a simple buy-and-hold strategy in volatile markets.

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Technical Analysis for XRP

Technical Sentiment Analysis for XRP (XRP). As of , XRP (XRP) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 5 technical signals, shows that 2 indicators are flashing buy, while 3 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for XRP stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.

Support, Resistance & Moving Averages. From a structural perspective, XRP is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

XRP (XRP) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	0.824	0.917	0.999	1.092	1.174	1.267	1.349
Fibonacci	0.917	0.983	1.025	1.092	1.159	1.2	1.267

About XRP

Launched in 2012, the XRP Ledger (XRPL) is an open-source, permissionless and decentralized technology. Benefits of the XRP Ledger include its low-cost ($0.0002 to transact), speed (settling transactions in 3-5 seconds), scalability (1,500 transactions per second) and inherently green attributes (carbon-neutral and energy-efficient). The XRP Ledger also features the first decentralized exchange (DEX) and custom tokenization capabilities built into the protocol. Since 2012, the XRP Ledger has been operating reliably, having closed 70 million ledgers.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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