Barstool Sports founder Dave Portnoy has once again made headlines by aggressively buying the dip in the cryptocurrency market. In a video posted on social media platform X on Feb 5, 2026, Portnoy revealed he purchased roughly $1 million worth of XRP at $1.79 and $500,000 worth of Bitcoin at $82,000 during the recent sharp sell-off. 'Crypto is crashing, blood in the streets, that's when you buy,' Portnoy declared. He acknowledged that prices slipped shortly after his purchase (XRP fell to $1.74), but remained unfazed: 'That thing keeps falling. I'll keep buying.'
Multi-Million Dollar Bet on XRP and Bitcoin
Portnoy disclosed that the XRP purchase was executed on Kraken, adding to a $1 million position he established in November 2025. His total XRP exposure now exceeds $2 million. The Bitcoin buy came at approximately $82,000. As of writing, XRP trades near $1.43, down 10% on the day and 23% over the past week, while Bitcoin has also slipped. Despite being underwater on his latest trades, Portnoy emphasized that his strategy is predicated on buying during extreme fear, not on short-term price movements. 'I didn't love that it dropped, but that doesn't change my approach,' he said.
Institutional XRP ETF Market Shows Resilience
While retail sentiment remains fragile, the institutional landscape for XRP is notably different. U.S. spot XRP ETFs have stabilized with a total Net Asset Value of $1.11 billion, recovering from a record $93 million outflow in late January. Recent inflows into the Bitwise XRP ETF and Franklin Templeton's XRPZ product indicate that institutions are increasingly viewing XRP as a structural play on cross-border payment utility, decoupling it from Bitcoin's volatility.
Ripple Expands Global Footprint Amid Volatility
Ripple has continued to build its infrastructure despite the market downturn. The company secured a full Electronic Money Institution license in Luxembourg, enabling it to offer payment services and issue electronic money across the European Union. Ripple also announced the tokenization of $280 million in certified diamonds from the UAE on the XRP Ledger, marking a significant push into real-world asset issuance. Additionally, Ripple Prime added support for the Hyperliquid decentralized derivatives protocol, broadening on-chain liquidity options for institutional clients. These developments reinforce Ripple's strategy of positioning XRP infrastructure for enterprise and capital markets use.
Portnoy's contrarian buying spree and Ripple's fundamental progress create a compelling narrative: short-term price pain may be masking long-term adoption and value. Market participants will be watching XRP ETF flows, Ripple partnership announcements, and overall crypto sentiment closely in the coming weeks.