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 have an impact on the price.
The cryptocurrency market, led by Bitcoin (BTC) and XRP, has experienced a rebound, with a daily surge of 3% each, bringing their trading prices to $70k and $0.52 respectively. Analysts suggest that this sharp rebound was triggered by several external factors, with the US JOLTs Job Openings Report leading the way. This report has fueled investor speculation on a potential Fed rate cut in September.
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 from 40.5% to 33.8%. In response, XRP rallied to $0.5310 before dropping slightly below $0.53.
The outcome of the SEC vs Ripple case could significantly impact the price of XRP, especially as uncertainty looms. Ripple has strongly opposed the SEC’s request for a $2 billion fine, arguing that the amount should be closer to $10 million.
Investors are eagerly awaiting the ruling on the penalty size, as well as the potential injunction on XRP sales to institutional investors. Analysts believe that XRP’s reaction to these events, as well as the SEC vs Coinbase legal battle, will mirror the broader market trends.
In a related development, Coinbase’s Chief Legal Officer Paul Grewal revealed that the SEC is considering closing its Salt Lake City office. This move is linked to the SEC vs. Debt Box case, which has raised eyebrows following allegations of false and misleading representations by the SEC.
As XRP remains below the 50-day and 200-day EMAs, market sentiment remains bearish. A breakthrough above the 50-day EMA could pave the way for bulls to target the 200-day EMA, with a potential resistance level at $0.5739. However, a trendline break could push the price down to $0.48.