Ripple attorney comments SEC’s lawsuit is just noise...

(Akash Girimath – FXStreet)

– XRP price reveals a bullish outlook on two charts, both of which forecast a move to $0.40 and higher.

– The $0.439 hurdle is an intermediate level for investors to book profit if the markets turn around prematurely.

– A daily candlestick close below the $0.331 support floor will invalidate the bullish thesis

XRP price shows a resurgence of buying pressure as it takes multiple jabs at a crucial resistance level. The recent sell-off seems to have been undone by buyers pushing the remittance token’s market value higher. Investors can expect an explosive move after bulls overcome the hurdle.

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Brad Garlinghouse, the CEO of Ripple, commented on September 18 about the ongoing battle between the US Securities and Exchange Commission and Ripple. He stated that the regulator’s filings on September 18

… make it clear the SEC isn’t interested in applying the law. They want to remake it all in an impermissible effort to expand their jurisdiction far beyond the authority granted to them by Congress.

While the SEC vs. Ripple lawsuit has been ongoing since December 2020, Ripple’s attorney also stated that the SEC is “unable to identify any contract for investment,” and that it “cannot satisfy a single prong of the Supreme Court’s Howey test.”

He adds that everything else is “just noise.”

XRP price ready to make some more noise

XRP price suffered an 11% pullback after rejection at the $0.381 resistance level on September 17. However, the remittance token made a solid comeback and is currently looking to break above the said level.

A decisive flip of the $0.381 hurdle will confirm a bullish resurgence and kick-start a 15% run-up to $0.439.

However, a big-picture outlook shows that XRP price is hovering inside an ascending triangle setup, that has been producing higher lows and equal highs since June 10. This technical formation forecasts a 24% upswing to $0.477, determined by adding the first swing high and swing low to the breakout point at $0.381.

While the above outlook is bullish, no doubt, investors can take another look at Ripple, which shows a triple tap setup formation, as seen in the chart below. Based on this bottom reversal setup, a flip of the $0.331 to $0.464 range’s midpoint at $0.397 will trigger the next leg-up.

In such a case, investors can expect XRP price to make a run for the range high at $0.464. As seen in the chart below, the upswing could extend to $0.561 to $0.596 resistance box if the momentum is strong.

While the bullish outlook for Ripple price is logical, a breakdown of the $0.331 support floor that flips it into a resistance level will invalidate the bullish thesis. This development could see XRP price revisit the $0.309 barrier, where buyers can step in and give the upswing another go.