XRP is anticipated to reach 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 influence the price movement.
The crypto market, led by Bitcoin (BTC) and XRP, experienced a rebound, with both seeing a 3% increase in daily trading to reach $70k and $0.52 respectively. Analysts attribute this sharp rebound to external factors, with the US JOLTs Job Openings Report playing a significant role. The report has fueled investor optimism for a potential Fed rate cut in September.
Job Openings data showed a decrease from 8.355 million to 8.059 million in April. Consequently, the probability of the Fed maintaining interest rates in September dropped from 40.5% to 33.8%. XRP initially surged to $0.5310 before settling just below $0.53.
The outcome of the SEC vs Ripple case remains a crucial factor that could impact XRP’s price significantly. Ripple has strongly opposed the SEC’s request for a $2 billion fine, arguing that a $10 million figure would be more appropriate.
The ruling on the penalty size could spark investor reactions, and a potential injunction prohibiting XRP sales to institutional investors could hinder its expansion plans in the US. Analysts also anticipate XRP’s reaction to the SEC vs Coinbase legal battle outcome.
Coinbase’s Chief Legal Officer, Paul Grewal, revealed the SEC’s plans to close its Salt Lake City office. This move is linked to the SEC vs. Debt Box case, which has drawn attention after the court ordered the SEC to justify why it should not be sanctioned for false representations and to cover legal fees for Debt Box and the receivers.
As XRP continues to show a bearish sentiment below the 50-day and 200-day EMAs, breaking above the 50-day EMA could pave the way for a move towards the 200-day EMA. Crossing the 200-day EMA would set the stage for targeting the $0.5739 resistance level. On the contrary, a break below the trendline could push the price down to $0.48.