XRP remains the seventh largest cryptocurrency by market capitalization
According to leading cryptocurrency trader and analyst Crypto Rand, XRP, the seventh-largest cryptocurrency, may be on the verge of another rally.
The chartist says that the cryptocurrency is eyeing a possible breakout at the $0.40 level.
At press time, XRP is trading at $0.368 on the Binance exchange having touched an intraday high of 0.375. It is currently down 0.41%.
The cryptocurrency is still down 89.14% from its all-time high it achieved back in January 2018.
The legal uncertainty surrounding the token remains the main headwind for its price action. After the US Securities and Exchange Commission sued Ripple for allegedly selling unregistered securities in December 2020, the price of the coin fell sharply.However, it managed to gain steam during the 2021 bear market, with investors brushing off concerns regarding XRP’s securities status.
Last April, the price of the coin went as high as $1.97, the highest
However, the rally was not sustainable: XRP fell by 55% in less than two weeks after the coin lost its bullish momentum.
For controversial token holders, Ripple co-founder Jed McCaleb recently sold his entire XRP stash. Their wallets have been a major source of selling pressure for cryptocurrencies for years.
Investors who continue to hold XRP are expecting a favorable outcome in the high-stakes court case. The matter is likely to be resolved next year. As U.Today reports, the SEC recently requested a reopening of the search in the case.