Ripple’s legal counsel takes shot at SEC while XRP price scrambles to find support

XRP price remains at the mercy of the outcome of the lawsuit between  the SEC and Ripple. While Ripple is fighting to get its hands on the former director of US Securities & Exchange Commission (SEC) William Hinman’s 2018 speech, the SEC is trying to shield it by crying “attorney-client” privilege.

As the ruling hangs in balance, Ripple’s legal counsel Stuart Alderoty took shots at the SEC on Twitter.

He further added,

the regulators are attacking the projects to expand jurisdiction beyond “securities” by telling judges w/a straight face we’re the government so we must be right. Time for the industry to lock arms and defend this overreach together.

On the other hand, XRP price and its lackluster performance could see it slide lower before any meaningful upswing originates. 

Ripple price lacks momentum

Ripple price failed to sustain its explosive move above the $0.381 and $0.387 resistance levels. This lack of momentum resulted in XRP price sinking lower to where it is currently trading to find a stable support level. 

This down move is likely to continue before XRP price sweeps the $0.359 or $0.349 levels for liquidity. Here, bulls have a chance to make a comeback. However, failing at this point could send the remittance token back to the $0.340 support level.

The best case scenario is for buyers to step in and take control, triggering another attempt to move beyond $0.381.

XRP/USD 4-hour chart

While things are looking overall bearish for Ripple price, a move above the $0.381 barrier will confirm a resurgence of buying pressure. A flip of this level into a support floor will invalidate the bearish outlook and trigger a potential move up to $0.439.