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 influence the price movement.
The cryptocurrency market, led by Bitcoin (BTC) and XRP, has experienced a rebound, with both seeing a 3% daily surge to reach $70k and $0.52, respectively. Analysts attribute this sharp increase to external factors, with the US JOLTs Job Openings Report taking the lead. This report has boosted investor confidence in a potential September Fed rate cut.
In April, Job Openings dropped from 8.355 million to 8.059 million. Data from the CME FedWatch Tool indicates a decrease in the probability of the Fed keeping interest rates unchanged in September from 40.5% to 33.8%. As a result, XRP rose to $0.5310 before retracing slightly below $0.53.
The outcome of the SEC vs Ripple case could have a significant impact on the price of XRP, with uncertainty looming over the decision. Ripple has strongly opposed the SEC’s request for a $2 billion fine, arguing that the figure should be closer to $10 million.
Investors are eagerly awaiting the ruling on the SEC’s penalty, as well as the possibility of an injunction against XRP sales to institutional investors. Any decision could hinder XRP’s expansion plans in the US. Additionally, XRP’s reaction to the SEC vs Coinbase legal battle outcome is also being closely monitored.
Coinbase’s Chief Legal Officer, Paul Grewal, has revealed that the SEC is considering shutting down its Salt Lake City office, which is linked to the SEC vs. Debt Box case. This case has drawn attention after a judge ordered the SEC to justify its false and misleading representations, as well as pay legal fees.
As XRP remains below the 50-day and 200-day EMAs, the market sentiment is bearish. A breakthrough above the 50-day EMA could pave the way for a move towards the 200-day EMA, targeting the $0.5739 resistance level. Conversely, a decline below the trendline could push the price down to $0.48.