XRP is poised to aim for the $0.57 resistance level once it surpasses the 200-day EMA. Various external factors, such as the SEC vs Ripple legal battle, the SEC vs Coinbase dispute, and the US JOLTs Job Openings Report, could influence its price movement.
The crypto market, led by Bitcoin (BTC) and XRP, has experienced a resurgence, with both showing a 3% daily increase to reach $70k and $0.52, respectively. Analysts believe that this sharp rebound was triggered by external factors, particularly the US JOLTs Job Openings Report, which has fueled speculation of a September Fed rate cut.
The Job Openings Report revealed a decrease from 8.355 million to 8.059 million in April. Data from the CME FedWatch Tool indicated a decrease in the probability of the Fed keeping interest rates unchanged in September, from 40.5% to 33.8%. As a result, XRP surged to $0.5310 before retracing slightly below $0.53.
The outcome of the SEC vs Ripple case could 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 would be more appropriate.
Investors are eagerly awaiting the ruling on the penalty size, as well as the possibility of an injunction prohibiting XRP sales to institutional investors, which could hinder its expansion plans in the US. Analysts also anticipate XRP’s reaction to the outcome of the SEC vs Coinbase legal battle.
Coinbase’s Chief Legal Officer, Paul Grewal, recently revealed that the SEC is considering closing its Salt Lake City Office, citing concerns related to the SEC vs. Debt Box case. This development comes as the market awaits a court decision on the Coinbase Motion for Interlocutory Appeal, which could potentially impact the Commission’s plans to appeal the Programmatic Sales of XRP ruling.
At present, 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 run towards the 200-day EMA and the $0.5739 resistance level. However, a downward break could push the price to $0.48.