XRP is poised to aim for the $0.57 resistance level once it surpasses 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 cryptocurrency market, spearheaded by Bitcoin (BTC) and XRP, has seen a resurgence with a daily increase of 3% each, trading at $70k and $0.52 respectively. Analysts attribute this sharp rebound to external factors, with the US JOLTs Job Openings Report being a major catalyst. The report has bolstered investor confidence in a potential Fed rate cut in September.
Job Openings saw a decrease from 8.355 million to 8.059 million in April, leading to a drop in the probability of the Fed keeping interest rates unchanged in September. In response, XRP surged to $0.5310 before retracing slightly below $0.53.
The outcome of the SEC vs Ripple case could significantly impact XRP’s price, as uncertainty looms over the ruling. Ripple has strongly opposed the SEC’s request for a $2 billion fine, arguing that the figure should be closer to $10 million.
Investors are eagerly awaiting the court’s decision on the penalty size, as well as the possibility of an injunction on XRP sales to institutional investors. A ruling against XRP could hinder its expansion plans in the US. Additionally, XRP is expected to react to the outcome of the SEC vs Coinbase legal battle.
Coinbase’s Chief Legal Officer recently revealed the SEC’s plan to close its Salt Lake City Office, sparking concerns over the agency’s actions. The SEC vs. Debt Box case has also gained attention, with the court ordering the SEC to justify its misleading statements and cover legal fees.
As XRP remains below the 50-day and 200-day EMAs, a move above the 50-day EMA could pave the way for a run towards the 200-day EMA. Breaking above the 200-day EMA would set the stage for a push towards the $0.5739 resistance level. However, a break below the trendline could result in a drop to $0.48. Investors are advised to stay updated on developments in the SEC vs Ripple case and other key factors affecting XRP’s price.