According to a popular crypto analyst Johnny, XRP, the 4th largest cryptocurrency by market cap, would face a retracement back to $0.5 price level, which would wipe out all the gains accrued after the federal judge ruling on its security status before the much-awaited resurgence toward $1.
In a chart on the popular microblogging platform X, Johnny noted that there would soon be a full retrace of the news that came through a ruling in the legal battle between Ripple and the United States Securities and Exchange Commission (SEC) on the security status of XRP.
Read Also: Expert Predicts XRP Price Explosive Surge, Points Out the Major Game Changer
Captioning a chart for illustration, Johnny wrote, “XRP I think a full retrace of the SEC lawsuit news is coming & will get acceptance back into its range.”
Recall that the price of XRP experienced a massive surge from a relatively $0.48 price level in mid-June to trade at around $0.9 after the news about XRP’s victory in the summary judgment broke out.
However, the digital asset has failed to maintain the positive trend. At the time of press, the crypto asset is trading at $0.6648, with a relatively 2% price downtrend in the last 24 hours and a 6.65% price loss in the last seven days, according to CoinMarketCap.
The analyst’s evaluation of XRP’s price trend anticipates its stability above the current support level. Howbeit, he sees a significant downtrend to the $0.5 region as September beckons.
Read Also: Pundit Urges Caution, Says XRP Price May Not Explode as Widely Forecasted
In the past evaluation of the XRP price trend, Johnny said the XRPL native token’s failure to hold $0.82 support is an indication that a significant retracement is around the corner. Nevertheless, the analyst still believes that the digital token will break above $1 someday.
Despite the bearish signals around XRP, the digital token specifically designed for cross-border payment, some analysts are seemingly bullish about its future.
In recent months, analysts have come out with extremely bullish price predictions, indicating a growing interest in the popular crypto asset.
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