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, spearheaded by Bitcoin (BTC) and XRP, has experienced a rebound with a daily increase of 3% each, reaching $70k and $0.52, respectively. Analysts attribute this sharp rebound to external factors, particularly the US JOLTs Job Openings Report, which has encouraged investor optimism about a potential Fed rate cut in September.
The Job Openings data revealed 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. XRP surged to $0.5310 in response before settling just below $0.53.
The outcome of the SEC vs Ripple case could significantly impact the price of XRP, with uncertainty looming over the decision. Ripple has vehemently opposed the SEC’s request for a $2 billion fine, arguing for a much lower penalty of around $10 million.
Investors are eagerly awaiting the ruling on the SEC’s penalty size, as well as the potential injunction on XRP sales to institutional investors. Analysts predict that XRP will react to both the outcome of the SEC vs Coinbase legal battle and the broader market conditions.
Coinbase’s Chief Legal Officer recently revealed the SEC’s plans to close its Salt Lake City Office, which has raised concerns within the crypto community. The SEC vs. Debt Box case has also attracted attention following accusations of false representations by the SEC, leading to potential sanctions.
As XRP continues to trade below the 50-day and 200-day EMAs, a move above the 50-day EMA could pave the way for a run towards the 200-day EMA. Breaking above the 200-day EMA would set the stage for targeting the $0.5739 resistance level, while a trendline break could push the price down to $0.48. Investors are advised to stay informed and monitor developments closely in this dynamic market environment.