Gary Cardone Sells Entire XRP Position at $2.71

Gary Cardone, a seasoned investor and twin brother of entrepreneur Grant Cardone, announced he sold his entire XRP position at $2.71. Posting about this on X, Cardone, drawing from his 40 years of financial experience, cited six personal investment rules as the driving force behind his exit.

In his post, Cardone expressed his hopes for XRP investors to become “stupid rich,” but admitted he doesn’t believe that will happen. “My best hopium is out to each of you,” he said.

The American-born investor explained his strategy of avoiding assets with unclear supply-and-demand dynamics unless he has a significant advantage. He also stated that he prefers to steer clear of investments which cannot be clearly illustrated.

The Chargebacks911 co-founder criticized the tendency of some investors to focus on price rather than intrinsic value.

“Avoid people who know the price of everything but the value of nothing. Never confuse short-term noise with a long-term investment/plan/goal.“

His final point reinforced his philosophy of avoiding the herd mentality, encouraging investors to refrain from following popular market trends.

“Never follow the crowd…Great wealth comes from consolidated, long-term bets,” he concluded.

XRP Community Responds: Why Did You Buy in the First Place?

Cardone’s remarks drew numerous “thumbs down” responses from XRP supporters. An X user named Vantozio criticized the uneducated dismissal of the XRP community, stating, “We have held through years of an SEC lawsuit that was undoubtedly an untruthful and misleading case lobbied by holders of the Ethereum Foundation.“

Others questioned why Cardone bought XRP, criticizing him for breaking his stated rules. One disgruntled XRP supporter remarked, “You posted those rules…yet bought at some point…you don’t even follow your own rules.“

Debate on XRP’s Nature

The question of XRP’s centralization began when the SEC sued Ripple for offering the token as a security. A Reddit discussion on r/Cryptocurrency argued that XRP is centralized due to its dependence on Ripple’s Unique Node List (UNL) for transaction validation.

Gary claims that Ripple controls the network by selecting nodes, while others argue the entity does not control all validators. They point out that only 2% of XRP validators are owned or operated by Ripple, claiming that XRP’s network is “vastly more decentralized than BTC and ETH.”

Investor Jason Calacanis Critiques XRP

Earlier this week, American entrepreneur and angel investor Jason Calacanis labeled XRP as “a centralized controlled security.” He claimed that most crypto influencers admit Ripple’s native token contradicts Bitcoin’s principles, undermining his confidence in XRP’s viability.

Calacanis criticized the SEC’s potential approval of a spot XRP exchange-traded fund (ETF), warning it could render securities law ineffective.

He predicted chaos in the markets, suggesting that startups and major holders would unload a significant portion of their tokens onto retail investors. “There will be chaos in the markets as a million startups, funds, and grifters start dumping 50% of their coins on retail…“

He concluded by stating that XRP should be limited to sophisticated investors who fully understand its associated risks.