• XRP price tries to break above the ongoing range, extending from $0.316 to $0.403.
• A breakout from this consolidation could see the remittance token rally 35% and retest the $0.509 hurdle.
• 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 slid below a significant support level, flipping it into a blockade. As seen between June and September, the altcoin faced immense selling pressure from the said hurdle that hindered bullish breakout attempts multiple times.

Interests in the SEC vs. Ripple lawsuit seem to be renewed as Coinbase, a poster child for crypto exchanges in the US, joins the battle in support of the defendant. As reported in a previous article, the presiding US District Judge, Analisa Torres, granted motions to the defendants’ 12 backers to file their Amicus Briefs.

One of these twelve supporters includes the well-known crypto exchange, Coinbase. Due to these developments in the lawsuit that tips the scale in Ripple’s favor, investors need to keep a close eye on XRP price.

XRP price edges closer to a breakout

XRP price slid below the $0.381 support level on November 8 and has created a smaller range, extending from $0.316 to $0.403. The altcoin hovers 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’…