XRP is expected to aim for the $0.57 resistance level once it surpasses the 200-day EMA, with various external factors such as the SEC vs Ripple court case, SEC vs Coinbase legal battle, and the US JOLTs Job Openings Report potentially influencing the price.
In a notable rebound of the crypto market led by Bitcoin (BTC) and XRP, both saw a 3% daily surge to trade at $70k and $0.52 respectively. Analysts attribute this sharp rebound to external factors, particularly the US JOLTs Job Openings Report, which has boosted investor confidence in a potential September Fed rate cut.
The Job Openings report indicated a decrease from 8.355 million to 8.059 million in April, leading to a drop in the likelihood of the Fed maintaining interest rates in September. XRP rallied to $0.5310 before dipping just below $0.53 in response.
The outcome of the SEC vs Ripple case could heavily impact XRP’s price, 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 anticipating the ruling on the penalty size, as well as the potential injunction on XRP sales to institutional investors, which could hinder its expansion in the US. Market analysts also anticipate XRP’s reaction to the SEC vs Coinbase legal battle outcome.
Coinbase’s Chief Legal Officer revealed plans by the SEC to shut down its Salt Lake City office, potentially linked to the SEC vs. Debt Box case. The market is awaiting a court ruling on the Coinbase Motion for Interlocutory Appeal, which could 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. Breaking 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 downside break could see the price drop to $0.48.