XRP is poised to aim for the $0.57 resistance level after surpassing the 200-day EMA. Various external factors, such as the ongoing SEC vs Ripple court case, the SEC vs Coinbase legal battle, and the US JOLTs Job Openings Report, could influence its price movement.
The cryptocurrency market, led by Bitcoin (BTC) and XRP, saw a resurgence with both experiencing a 3% daily surge, trading at $70k and $0.52 respectively. Analysts attribute this sharp rebound to external factors, particularly the US JOLTs Job Openings Report, which has fueled speculation of a September Fed rate cut.
Job Openings saw a decline from 8.355 million to 8.059 million in April, leading to a decrease in the probability of the Fed keeping interest rates unchanged in September. This news prompted XRP to rally to $0.5310 before dipping slightly below $0.53.
The outcome of the SEC vs Ripple case is expected to have a significant impact on XRP’s price, as uncertainty looms over the decision. Ripple has strongly opposed the SEC’s request for a $2 billion fine, arguing that a figure closer to $10 million is more appropriate.
Investors are closely watching the developments in both the SEC vs Ripple and SEC vs Coinbase cases, as they could sway market sentiment. A ruling on the size of the penalty in the SEC vs Ripple case and potential injunctions could affect XRP’s expansion plans in the US. Additionally, XRP’s reaction to the outcome of the SEC vs Coinbase legal battle is being closely monitored.
As XRP remains below the 50-day and 200-day EMAs, its market sentiment is bearish. Breaking above the 50-day EMA could pave the way for a run towards the 200-day EMA, while surpassing the 200-day EMA would set the stage for a target of $0.5739. Conversely, a drop below the trendline could push the price down to $0.48.