XRP is anticipated 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, led 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 playing a significant role. This report has fueled investor speculation on a potential Fed rate cut in September.
Job Openings data showed a decrease from 8.355 million to 8.059 million in April. Additionally, CME FedWatch Tool data indicated a drop in the likelihood of the Fed maintaining interest rates in September from 40.5% to 33.8%. In response to this, XRP rose to $0.5310 before retracting slightly below $0.53.
The outcome of the SEC vs Ripple case could greatly impact XRP’s price, as uncertainty looms. Ripple has strongly opposed the SEC’s request for a $2 billion fine, arguing that a more reasonable figure would be around $10 million. The ruling on this case, expected in the summer, could sway investor reactions.
Furthermore, a potential injunction by the court to restrict XRP sales to institutional investors could hinder its expansion plans in the US. Analysts also predict that XRP’s price will react in line with the broader market to the outcome of the SEC vs Coinbase legal battle.
Coinbase’s Chief Legal Officer revealed the SEC’s intentions to close its Salt Lake City office, which is tied to the SEC vs. Debt Box case. This case has garnered attention following a court order for the SEC to justify its false and misleading representations, as well as to cover legal fees for Debt Box and the receivers.
As XRP remains below the 50-day and 200-day EMAs, the market sentiment is bearish. A breakthrough of the 50-day EMA could pave the way for a push towards the 200-day EMA. Once above the 200-day EMA, the price is expected to target the $0.5739 resistance level. However, a breach of the trendline could lead to a drop to $0.48. Investors are eagerly awaiting developments in the SEC vs Ripple and SEC vs Coinbase cases, as these could significantly impact XRP’s future.
