XRP is on track to reach the $0.57 resistance level once it surpasses the 200-day EMA. 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 crypto 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 rebound to various external factors, with the US JOLTs Job Openings Report being a significant catalyst. This report has fueled investor speculation about a potential Fed rate cut in September.
Job Openings data showed a decrease from 8.355 million to 8.059 million in April, leading to a drop in the probability of the Fed maintaining interest rates unchanged in September. XRP initially rallied to $0.5310 before dipping slightly below $0.53.
Analysts are closely monitoring the SEC vs Ripple case, as uncertainty looms over the outcome. Ripple has strongly opposed the SEC’s request for a $2 billion fine, arguing that a much lower amount is more appropriate. The ruling on this case could have a substantial impact on XRP’s price.
Investors are awaiting the court’s decision on the penalty size, as well as a possible injunction against XRP sales to institutional investors. Additionally, the outcome of the SEC vs Coinbase legal battle is expected to influence XRP’s performance in the market.
Coinbase’s Chief Legal Officer revealed the SEC’s plan to close its Salt Lake City office, which is linked to ongoing legal disputes. The market is also anticipating a ruling on Coinbase’s Motion for Interlocutory Appeal, which could have implications for the SEC’s appeal of the Programmatic Sales of XRP ruling.
Currently, XRP is experiencing a bearish market sentiment, remaining below the 50-day and 200-day EMAs. A breakthrough above the 50-day EMA could pave the way for a push towards the 200-day EMA and the $0.5739 resistance level. However, a drop below the trendline may result in a decline to $0.48.
In conclusion, XRP’s price movement is closely tied to external factors and legal developments, making it a volatile asset in the crypto market.