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Legendary trader John Bollinger has suggested that the Ripple-linked XRP cryptocurrency could become a new market leader in his recent social media post.
Using a vivid metaphor sourced from Greek mythology, Bollinger has noted that the major altcoin has "resisted the recent singing of the Siren's best song."
This is the first time that Bollinger has weighed in on XRP's price action in years. Back in 2018, he said that he did not know enough about the token to have an opinion about its future.
Last month, the prominent chartist, who is primarily known for inventing the widely used Bollinger Bands indicator, also rejected the idea that Bitcoin (BTC) was in a bear market.
All eyes on XRP
XRP has managed to show much more resilience during the recent cryptocurrency market downturn. On Thursday, it added 0.58% while Bitcoin, the bellwether cryptocurrency, plunged by more than 4%.
The Ripple-affiliated token is now up by more than 16% over the past four days.
The recent surge has been driven by the buzz surrounding Franklin Templeton's XRP ETF filing. The $1.5 trillion investment titan has joined the likes of Bitwise, 21Shares, and WisdomTree in the race to launch such a product in the U.S.
It has also been reported that the legal battle between Ripple and the SEC is wrapping up. The company is apparently attempting to negotiate more favorable terms after being fined $125 million last year. Meanwhile, the SEC is trying to determine the legal status of the XRP token.
U.Today Editorial Team
Dan Burgin
