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- XRP has been predicted to target the $0.57 resistance line once it breaks above the 200-day EMA.
- Several external factors including the SEC vs Ripple court case, the SEC vs Coinbase legal battle, and the US JOLTs Job Openings Report could impact the price.
The crypto market led by Bitcoin (BTC) and XRP stages a rebound with a daily surge of 3% each to trade at $70k and $0.52 respectively. According to analysts, several external factors triggered this sharp rebound with the US JOLTs Job Openings Report leading the charge. As observed in the opening market, this report has fueled investors’ bets on a September Fed rate cut.
According to our observation, Job Openings recorded a fall from 8.355 million to 8.059 million in April. Interestingly, CME FedWatch Tool data has confirmed that the probability of the Fed leaving interest rate unchanged in September falls from 40.5% to 33.8%. In response to this, XRP rallied to $0.5310 before declining to a little below $0.53.
To analysts, the price could massively be affected by the decision made on the SEC vs Ripple case as uncertainty currently builds around it. It is important to note that the ruling on the SEC’s $2 billion fine request as reported by Crypto News Flash, would likely be made in the summer. With that, Ripple strongly opposed that motion, claiming the figure should be around $10 million.
Our opposition to the SEC’s request for $2B in penalties for legacy institutional sales is now public. In a case that had no allegations (or findings) of recklessness or fraud, and in which Ripple won on significant issues, the SEC’s ask is just more evidence of its ongoing intimidation against all of the crypto in the U.S. We remain confident that the Judge will approach this final remedies phase fairly.
Ruling on SEC vs Ripple Case Could Impact XRP Price
Certainly, the ruling on the size of the penalty would incite the reactions of investors. Likewise, an injunction by the court to prohibit XRP sales to institutional investors may negatively affect its plans to expand into the US. Analysts also expect XRP to react alongside the broad market to the outcome of the SEC vs Coinbase legal showdown.
Recently, Coinbase’s Chief Legal Officer Paul Grewal disclosed that the SEC is planning to shut its Salt Lake City Office.
“Attrition”— is that what we are calling unprecedented misrepresentations and bad faith warranting unprecedented sanctions by a federal judge? https://t.co/rb581Eb0lD— paulgrewal.eth (@iampaulgrewal) June 4, 2024
To him, this is linked to the SEC vs. Debt Box case which has garnered significant interest after Judge Robert Shelby ordered the SEC to prove why the court should not “sanction the SEC for making false and misleading representations.”SEC was also ordered to pay the legal fees for the Debt Box and the receivers.
Fascinatingly, this comes as the market awaits with bated breath a court ruling on the Coinbase Motion for Interlocutory Appeal. Once this is granted, the court may reconsider its decision to deny the Coinbase Motion to Dismiss (MTD). Also, a victory would impact the plans by the Commission to appeal the Programmatic Sales of XRP ruling.
At press time, XRP had a bearish market sentiment as it remained below the 50-day and 200-day EMAs. A move through the 50-day EMA would enable bulls to run at the 200-day EMA. Once it breaks above the 200-day EMA, the price will target the $0.5739 resistance level. However, a break below the trendline could send the price to $0.48.
