According to veteran trader Crypto Rand, XRP may be on the verge of a new rally.
Crypto Rand stated that Ripple’s native token has seen a potential breakout at the $0.40 level.
XRP is still 89% lower than ATH in January 2018.
The legal uncertainty surrounding XRP remains the main catalyst for the asset’s price movements. After the lawsuit filed by the US Securities and Exchange Commission in December 2020, XRP was delisted in many exchanges and there was a sharp decline in its price.
However, investors ignored the legal process of XRP after a while and the asset managed to rise again during the 2021 bull market.
Although XRP rose as high as $1.97 last April, it later declined. XRP has lost its bullish momentum, falling 55% in less than two weeks.
Jed McCaleb, one of the co-founders of Ripple, recently sold all the XRPs in his wallet, which caused a huge selling pressure in the markets.
Investors who prefer to protect their XRP investments are waiting for the positive outcome of the case with great hope. The lawsuit between the SEC and Ripple is expected to be resolved next year.
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