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 influence the price movement.
The cryptocurrency market, driven by Bitcoin (BTC) and XRP, has experienced a rebound, with both seeing a daily surge of 3% to reach $70k and $0.52 respectively. Analysts attribute this sharp rebound to external factors, with the US JOLTs Job Openings Report being a major catalyst. This report has bolstered investors’ expectations of a potential Fed rate cut in September.
Job Openings data showed a decline from 8.355 million to 8.059 million in April. Additionally, the CME FedWatch Tool data indicated a decrease in the likelihood of the Fed maintaining interest rates unchanged in September. In response, XRP rallied to $0.5310 before settling just below $0.53.
The outcome of the SEC vs Ripple case could have a significant impact on XRP’s price, as uncertainty looms over the decision. Ripple has strongly opposed the SEC’s $2 billion fine request, arguing that a more reasonable figure would be around $10 million.
Investors are closely watching the developments in the SEC vs Ripple case, as the ruling on the penalty size could sway market sentiment. Any 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 showdown.
Coinbase’s Chief Legal Officer, Paul Grewal, revealed the SEC’s intention to close its Salt Lake City Office, which has sparked controversy amid the SEC vs. Debt Box case. The market eagerly awaits a court ruling on Coinbase’s Motion for Interlocutory Appeal, which could impact the Commission’s plans to challenge the Programmatic Sales of XRP ruling.
Currently, XRP is experiencing a bearish market sentiment, trading below the 50-day and 200-day EMAs. Breaking above the 50-day EMA could pave the way for a run towards the 200-day EMA, targeting the $0.5739 resistance level. Conversely, a break below the trendline may push the price down to $0.48.