XRP is anticipated to aim for the $0.57 resistance level after surpassing the 200-day EMA. Various external factors, such as the SEC vs Ripple court case, the SEC vs Coinbase legal battle, and the US JOLTs Job Openings Report, could have an impact on its price.
The crypto market, led by Bitcoin (BTC) and XRP, experienced a rebound, with a daily increase of 3% each, reaching $70k and $0.52, respectively. Analysts attribute this sharp rebound to external factors, with the US JOLTs Job Openings Report leading the way. This report has influenced investors’ expectations of a September Fed rate cut.
Job Openings witnessed a decline from 8.355 million to 8.059 million in April. Data from the CME FedWatch Tool shows a decrease in the probability of the Fed keeping interest rates unchanged in September from 40.5% to 33.8%. In response, XRP surged to $0.5310 before settling just below $0.53.
The outcome of the SEC vs Ripple case could have a significant impact on the price of XRP, with uncertainty looming over the decision. Ripple has strongly opposed the SEC’s request for a $2 billion fine, arguing that it should be closer to $10 million.
Investors eagerly await the ruling on the penalty size, as well as the potential injunction on XRP sales to institutional investors. Analysts suggest that XRP’s reaction will align with the broader market in response to the SEC vs Coinbase legal battle.
Coinbase’s Chief Legal Officer, Paul Grewal, revealed the SEC’s plan to close its Salt Lake City Office, which is connected to the SEC vs. Debt Box case. The market is also anticipating a court ruling on the Coinbase Motion for Interlocutory Appeal, which could impact the Commission’s plans regarding the Programmatic Sales of XRP ruling.
At present, XRP is experiencing a bearish sentiment, remaining below the 50-day and 200-day EMAs. A breakthrough above the 50-day EMA could lead to a run towards the 200-day EMA, targeting the $0.5739 resistance level. Conversely, a drop below the trendline could push the price down to $0.48.