The cryptocurrency market has lost its excitement after the relief rally. The leading crypto Bitcoin has been trying to hold above $ 22 thousand in recent days. Leading altcoin projects have also retreated from their monthly highs. However, a cryptocurrency charter says that Ripple (XRP) is on a potential exit.
“Ripple (XRP) stands on the brink of another rally”
In the cryptocurrency league, Ripple (XRP) is the seventh largest cryptocurrency. According to Crypto Rand, a cryptocurrency trader and analyst, the altcoin may be on the verge of another rally. The charter says the cryptocurrency sees a potential breakout at the $0.40 level.
Source: Crypto RandRipple (XRP) has reached an intraday high of $0.375, according to CoinMarketCap data. The altcoin, which later declined, was trading at $0.3682 at the time of writing. At its current state, it has lost 1.69% on a daily basis. The cryptocurrency is still 89.14% down from the record level achieved in January 2018.
Legal uncertainty remains the main headwind for altcoin price
The legal uncertainty surrounding the token remains the main headwind of the price action. As you follow on Kriptokoin.com, the US Securities and Exchange Commission (SEC) sued Ripple in December 2020 for allegedly selling unregistered securities. This lawsuit was a turning point for Ripple. Because, after this event, the price of the token dropped sharply.
However, investors began to ignore concerns about XRP’s securities status. In this context, the altcoin managed to regain its strength during the 2021 bear market. Last April, the token’s price peaked at $1.97 a year high. However, the rally was not sustainable. XRP has dropped 55% in less than two weeks after the token lost its bullish momentum.
Jed McCaleb’s wallet and Ripple case
Meanwhile, Ripple co-founder Jed McCaleb recently sold his entire stash of XRP. Their wallets have been a major source of selling pressure for the cryptocurrency for years.
Investors who continue to hold XRP are pinning their hopes on a positive outcome in the high-stakes case. Investors also expect the long-running lawsuit to be resolved next year. As we reported on cryptokoin.com, the SEC recently requested that the discovery in the case be reopened. Please continue to follow us to be informed about the developments in this matter.
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