XRP is anticipated to aim for the $0.57 resistance level after surpassing the 200-day EMA. Various external factors, such as the SEC vs Ripple legal battle, the SEC vs Coinbase lawsuit, and the US JOLTs Job Openings Report, could influence the price movement.
In a notable crypto market rebound, led by Bitcoin (BTC) and XRP, both experienced a 3% daily surge, reaching $70k and $0.52 respectively. Analysts attribute this sharp rebound to external factors, particularly the US JOLTs Job Openings Report, which has sparked investor optimism for a potential September Fed rate cut.
The Job Openings Report indicated a decrease from 8.355 million to 8.059 million in April. Additionally, data from the CME FedWatch Tool revealed a decrease in the probability of the Fed maintaining interest rates unchanged in September. XRP initially rallied to $0.5310 before retracing slightly below $0.53.
The outcome of the SEC vs Ripple case could significantly impact XRP’s price, with uncertainty looming over the decision. Ripple vehemently opposed the SEC’s $2 billion fine request, arguing for a much lower figure of around $10 million.
Investors eagerly await the court ruling on the SEC vs Ripple case, as it could spark market reactions and potentially hinder XRP’s expansion plans in the US. Furthermore, the outcome of the SEC vs Coinbase legal battle is expected to influence XRP’s performance in line with the broader market.
Coinbase’s Chief Legal Officer recently revealed the SEC’s plans to close its Salt Lake City Office, a move linked to the SEC vs. Debt Box case, which has drawn significant attention due to false and misleading representations made by the SEC. The market anticipates a court ruling on Coinbase’s Motion for Interlocutory Appeal, which could impact the Commission’s appeal of 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 push towards the 200-day EMA, targeting the $0.5739 resistance level. Conversely, a breach below the trendline could result in a price decline to $0.48.