XRP Price Target Is $0.50 as Investors Focus on US Stats and the Fed

Key Insights:

• On Tuesday, XRP rallied by 3.77% to end the session at $0.4802.
• US economic indicators continued to deliver riskier assets support, with the NASDAQ 100 rallying by 3.34%.
• The technical indicators are bullish, with XRP sitting above the 50-day EMA, supporting a return to $0.50.

On Tuesday, XRP rallied by 3.77%. Following a 3.21% gain on Monday, XRP ended the session at $0.4802.

A bearish start to the day saw XRP fall to an early morning low of $0.45200. Steering clear of the First Major Support Level (S1) at $0.4440, XRP rallied to a late afternoon high of $0.48524. XRP broke through the First Major Resistance Level (R1) at $0.4754 to end the session at $0.4802.

US Economic Indicators Deliver Another XRP Boost

There were no material updates from the ongoing SEC v Ripple case to provide XRP with direction.

On Tuesday, the SEC opposed I-Remit and TapJets motions to file amicus briefs. According to defense attorney James Filan,

“The SEC opposes the I-Remit and TapJets motions to file amicus briefs, claiming the proposed briefs are improper attempts to offer evidence outside the constraints of discovery restrictions, the rules of evidence, and the Court’s prior order.”

Last Friday, private jet charter company TapJets requested to file an amicus brief to support Ripple. According to the filing,

“TapJets interest, in this case, is as a business that accepts cryptocurrency, including XRP, in exchange for its services as a fiat currency substitute. For TapJets, the acceptance of XRP as payment for services is vital in some instances.”

I-Remit also filed a request to file an amicus brief in support of the Ripple Defendants’ Motion for Summary Judgment.

James Filan shared the filing, saying,

“I-Remit, Inc., a global payment remittance company that uses the RippleNet software, has filed an application to file an amicus brief in support of the Defendants’ Motion for Summary Judgment.”

I-Remit stated within the request,

“As a major ODL customer, I-Remit is interested in the outcome of this lawsuit because of its heavy reliance on XRP and the XRL Ledger. I-Remit has deep knowledge of these technologies that will aid the Court’s evaluation of the arguments advanced by the US Securities and Exchange Commission (“SEC”).

While both parties may favor Defendant’s position in the case, the market focus remained on US economic indicators. US economic indicators and soothing Fed chatter delivered riskier assets another bullish session.

JOLTs job openings slid from 11.170 million to 10.053 million in August. Economists forecast a fall to 10.775 million. FOMC member Mary Daly also delivered some comfort, saying that the Fed has the ways and the means to bring inflation under control in the gentlest way possible.

While US economic indicators continue to influence, the SEC v Ripple case will remain the key driver. Investors await an SEC response to the Court overruling the SEC’s objection to the Court denying the SEC motion to protect the William Hinman speech-related documents under the attorney-client privilege.

In a famous 2018 speech, Division of Corporation Finance, William Hinman, said that Bitcoin (BTC) and Ethereum (ETH) are not securities.

There has been a lack of commentary since Thursday’s ruling, which suggests an appeal is on the cards.

XRP Price Action

At the time of writing, XRP was down 1.19% to $0.47447.

A mixed start to the day saw XRP rise to an early high of $0.47992 before falling to a low of $0.47447.

Technical Indicators

XRP needs to avoid the $0.4725 pivot to target the First Major Resistance Level (R1) at $0.4930. Investors will look out for any updates from the SEC and the Defendants. Talk of an SEC appeal would likely limit the upside.

However, a lack of updates following the latest Court ruling would allow weaker US economic indicators to support a bullish session. In the case of an extended rally, the bulls would take a run at the Second Major Resistance Level (R2) at $0.5057. The Third Major Resistance Level (R3) sits at $0.5390.

A fall through the pivot would bring the First Major Support Level (S1) at $0.4597 into play. Barring an extended sell-off, XRP should avoid sub-$0.45 and the Second Major Support Level (S2) at $0.4392.

The Third Major Support Level (S3) sits at $0.4060.

The EMAs and the 4-hourly candlestick chart (below) sent a bullish signal.

At the time of writing, XRP sat above the 50-day EMA, currently at $0.46195. The 50-day EMA pulled away from the 100-day EMA, with the 100-day EMA widening from the 200-day EMA. The signals were bullish.

An XRP hold above the 50-day EMA ($0.46195) would support a breakout from R1 ($0.4930) to target R2 ($0.5057). However, a fall through the 50-day EMA ($0.46195) and S1 ($0.4597) would give the bears a run at the 100-day EMA ($0.44480). The 200-day EMA sits at $0.41590.