XRP is expected to aim for the $0.57 resistance line after surpassing the 200-day EMA. External factors such as the SEC vs Ripple court case, 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 a 3% daily surge each, trading at $70k and $0.52 respectively. Analysts believe that external factors, particularly the US JOLTs Job Openings Report, played a significant role in this rebound. The report has sparked investor optimism for a potential 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. XRP rallied to $0.5310 before dropping slightly below $0.53 in response to this news.
The decision on the SEC vs Ripple case could have a substantial impact on XRP’s price due to the prevailing uncertainty. Ripple has strongly opposed the SEC’s $2 billion fine request, arguing that the figure should be closer to $10 million.
The outcome of the SEC vs Ripple case and potential injunctions on XRP sales to institutional investors could affect the cryptocurrency’s expansion plans in the US. Analysts also anticipate XRP’s reaction to the SEC vs Coinbase legal battle.
Coinbase’s Chief Legal Officer, Paul Grewal, revealed that the SEC plans to close its Salt Lake City office, which is linked to the SEC vs Debt Box case. The market is eagerly awaiting a court ruling on the Coinbase Motion for Interlocutory Appeal, which could impact the Commission’s appeal of the Programmatic Sales of XRP ruling.
Currently, XRP shows a bearish market sentiment as it remains below the 50-day and 200-day EMAs. A breakthrough of the 50-day EMA could lead bulls towards the 200-day EMA, targeting the $0.5739 resistance level. Conversely, a trendline break could push the price down to $0.48.