Ripple has come forward to respond to the arguments by the Securities and Exchange Commission (SEC) concerning the rejection of its Fair Notice defense in a recent filing. In its address, the blockchain company has provided another compelling counterargument.

Ripple price (XRP) seems to have reacted to the promising counterargument by the blockchain company. At the time of writing, XRP is auctioning for $0.527 after gaining 2.1% in the last 24 hours.

Ripple price has managed to breach a two-week-long barrier at $0.520 as bulls lead the XRP market. If buyer momentum increases, the remittance token could leap higher to confront the next barricade at $0.558 or, in highly bullish cases, tag the $0.590 resistance level to regain the early May range before the collapse of the Terra ecosystem triggered a long-enduring bear market.

Ripple price continues to be indecisive as it hovers inside the long-term range, extending from $0.336 to $0.537. A retest of the range high will be key in determining where XRP will head next. A flip of the $0.537 level will likely trigger a 17% rally to $0.633, but rejection will knock the altcoin lower.

So investors need to sit on their hands at the momentum until Ripple price gives them a trade they can take.

A rejection at $0.537 will likely kick-start a 12% slide to retest an accumulation zone, extending from $0.475 to $0.436. Here, investors can add on their positions before XRP price attempts a rally to breach the range high at $0.537.

However, a flip of the $0.436 level into a resistance barrier will invalidate the bullish thesis for Ripple price and potentially trigger a correction to $0.336.

Buying XRP only after a bearish pullback to DEMA50&200

Apr 15 2023