A receiver for position-determining ranging signals transmitted by earth-orbiting satellites uses a set of accumulators, each of which accumulates signal samples corresponding with a position along the rising edges of incoming PRN pulses. An MMT processor calculates the rising edges of the direct path component of the received signal, selects the accumulator whose content correspond to a reference value related to the pulse height of the direct path component and compares the timing of the samples in that accumulator with the timing of the reference value on a reference pulse.