Prominent cryptocurrency According to trader and analyst Crypto Rand, it is the seventh largest cryptocurrency in the world. Ripple (XRP), may be on the verge of a new rally.
“I Am Not A Ripple Fan But $0.40 Level Could Potential Leap”
The crypto analyst states that XRP can make a potential bounce at the $0.40 level:
“I am still not a supporter of XRP, but it continues to consolidate and form a potential attack at $0.40. I’ll keep an eye on that.”
I am still not a fan of XRP, but it continues consolidating and loading a potential breakout on the $0.40 level. Will keep an eye on this one. pic.twitter.com/XWX88vQ1Fg
— Crypto Rand (@crypto_rand) August 4, 2022
The coin is still 89.14% lower than the record high it reached in January 2018.
Legal uncertainty around the altcoin remains the main hurdle for price action. The price of the token dropped sharply after the US Securities and Exchange Commission sued Ripple in December 2020 for allegedly selling unregistered securities.
However, the coin managed to regain momentum during the 2021 bull market as investors ignored concerns about XRP’s security status.
In April last year, the token price peaked at $1.97.
However, this rally was not sustainable and XRP collapsed by 55% in less than two weeks after losing its bullish momentum.
The community of the token breathed a sigh of relief when Jed McCaleb, one of the former co-founders of the controversial cryptocurrency, recently announced that he has sold all of his XRP holdings.
*Not investment advice.