Signal price

Can XRP Price Trigger a 35% Rise as Coinbase Joins Ripple’s Fight Against the SEC?

  • XRP price is trying to break above the current range from $0.316 to $0.403.
  • A breakout of this consolidation could see the discount token surge 35% and retest the $0.509 hurdle.
  • The invalidation of this bullish outlook will occur if Ripple holders fail to defend the $0.316 barrier.

XRP price action last week was disappointing as it slipped below a significant support level, turning it into a blockade. As seen between June and September, the altcoin faced immense selling pressure from said hurdle which hampered bullish breakout attempts on several occasions.

Interest in the SEC lawsuit against Ripple appears to be renewed as Coinbase, a poster boy for U.S. crypto exchanges, joins the battle in support of the defendant. As noted in a previous article, Presiding U.S. District Judge Analisa Torres granted motions to all 12 supporters of the defendants to file their Amicus briefs.

One of these twelve supporters includes the famous crypto exchange, Coinbase. Due to these developments in the lawsuit tipping the scales in favor of Ripple, investors should keep a close eye on the price of XRP.

XRP price is approaching a breakout

XRP price slipped below the $0.381 support level on November 8 and created a smaller range, ranging from $0.316 to $0.403. The altcoin is hovering in the upper half of the region, suggesting underlying bullish enthusiasm.

Due to the proximity of the $0.381 and $0.403 hurdles, it will take a lot more than a few buyers hope. However, a surge in Bitcoin price over the weekend could see XRP price follow suit and push higher. In such a case, investors can expect the discount token to mark the immediate hurdle at $0.448.

Removing this blockade will allow the price of XRP to stay on track and revisit the $0.509 hurdle, above which buy stops sit. A sweep of this liquidity will likely signal the end of the uptrend, bringing the total gain to 35%.

XRPUSDT 12 hour chart

As things look up for XRP price, a breakdown of the midpoint of the range at $0.359 will shake investor confidence. This move could send the altcoin down the $0.316 range.

If buyers step in and attempt a recovery, things will remain unchanged for investors. However, a 12-hour candlestick close below $0.316 will invalidate the bullish thesis. Such a development could push XRP price down to retest the $0.288 support floor.