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 legal battle, the SEC vs Coinbase dispute, and the US JOLTs Job Openings Report, could influence the price movement.
The cryptocurrency market, led by Bitcoin (BTC) and XRP, has experienced a rebound, with both seeing a daily increase of 3% to reach $70k and $0.52 respectively. Analysts attribute this significant surge to external factors, particularly the US JOLTs Job Openings Report, which has boosted investor confidence in 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 decline in the probability of the Fed maintaining interest rates in September. This news propelled XRP to $0.5310 before settling just below $0.53.
The outcome of the SEC vs Ripple case is expected to have a substantial impact on XRP’s price, with uncertainty looming over the decision. Ripple has strongly opposed the SEC’s request for a $2 billion fine, arguing that a $10 million penalty would be more appropriate.
Investors are eagerly awaiting the court ruling on the penalty size, as well as the potential injunction on XRP sales to institutional investors. Additionally, analysts predict that XRP’s price may react to the outcome of the SEC vs Coinbase legal battle.
Coinbase’s Chief Legal Officer, Paul Grewal, revealed the SEC’s plans to close its Salt Lake City office, citing concerns over false representations and bad faith. The market is anticipating a court ruling on Coinbase’s 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, trading below the 50-day and 200-day EMAs. A breakthrough above the 50-day EMA could pave the way for a rally towards the 200-day EMA, targeting the $0.5739 resistance level. Conversely, a trendline break could lead to a drop to $0.48.