As the legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) continues, XRP is showing signs of consolidation.

A New Twist in the SEC vs. Ripple Litigation

Ripple appears to be losing ground to the SEC in the ongoing proceedings.

At the end of August the giant was from San Francisco inquiry The court provided several documents to see if SEC officials have been trading XRP since the trial began in 2019 with the aim of “exposing a lack of clarity about the state of XRP and whether the SEC believes it” whether XRP is a security or not.

After several weeks of deliberation, the US District Court judge Sarah Netburn rejected Ripple’s offer. She stated that individual trading activity would not resolve the matter and could result in an invasion of privacy.

However, Netburn claims the SEC is required to provide Ripple with evidence that it asked its employees not to trade XRP in 2019.

XRP is preparing for volatility

Netburn’s decision in the lawsuit does not appear to have affected the XRP price.

XRP continues to consolidate between 50% and 61.8% fib retracement levels after seeing a 20% correction on September 20th. It requires a daily bar to close outside the trading range of $ 0.86 to $ 0.96 to determine where XRP is next.

Source: TradingView

A break above the overhead resistance can propel XRP towards the 38.6% fib retracement level at $ 1.07. On the flip side, an increase in selling pressure around the current price level could push XRP below underlying support, causing a 17% decline towards $ 0.7.

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