XRP Price Target Shifts to $0.60 after US Jobs Report Breakout

Key Insights:

  • On Friday, XRP surged by 11.2% to end the day at $0.5060.
  • Investor sentiment toward the SEC v Ripple case and the US Jobs Report drove demand for XRP.
  • The technical indicators are bullish, with XRP sitting above the 50-day EMA, signaling a return to sub-$0.60.

On Friday, XRP rallied by 11.20%. Following a 1.06% gain from Thursday, XRP ended the day at $0.5060. Notably, XRP held onto the $0.50 handle for the first time since October 9.

A mixed start to the day saw XRP fall to an early low of $0.45349. Steering clear of the First Major Support Level (S1) at $0.4496, XRP rallied to a late morning high of $0.50707. XRP broke through the day’s Major Resistance Levels. A late morning pullback saw XRP return to test support at $0.48 before a return to $0.50.

US economic indicators delivered XRP price support, with no material updates from the SEC v Ripple case for investors to consider.

The October Jobs Report drove demand for riskier assets, with the NASDAQ Composite Index and the crypto market enjoying bullish sessions.

Nonfarm payrolls jumped by 261k, while the unemployment rate rose from 3.5% to 3.7%. Wage growth figures suggested easing price pressures, supporting a near-term Fed pivot. In October, wages rose by 4.7% year-over-year, down from 5.0% in September.

On Friday, the NASDAQ Composite Index rose by 1.28%, while the crypto market rallied by 5.59%.

Court Grants SEC Motion for Time Extension, Taking the Case into 2023

On Friday, the Court granted the SEC’s Motion to Extend the time for all parties to file Reply briefs to November 30, 2022. Additionally, the Court granted the SEC motion for all Amicus Brief filings to be submitted by November 11. The Defendants had not objected to the Motions ahead of the Court ruling.

The new Court schedule extends into 2023. On January 9, 2023, parties must file oppositions to omnibus motions to seal.

XRP showed a muted reaction to the latest updates. While the case will now continue into 2023, Friday’s return to $0.50 reflected investor optimism toward the outcome of the ongoing case.

XRP Price Action

At the time of writing, XRP was down 1.13% to $0.50029. A mixed start to the day saw XRP rise to an early high of $0.50999 before falling to a low of $0.49804.

XRPUSD 051122 Daily Chart

Technical Indicators

XRP needs to avoid the $0.4889 pivot to take a run at the First Major Resistance Level (R1) at $0.5242. An XRP move through the morning high of $0.50999 would signal a bullish session.

In the case of an extended rally, the bulls would take a run at the Second Major Resistance Level (R2) at $0.5424 and $0.55. The Third Major Resistance Level (R3) sits at $0.5960.

A fall through the pivot would bring the First Major Support Level (S1) at $0.4706 into play. However, barring an extended sell-off, XRP should avoid sub-$0.47 and the Second Major Support Level (S2) at $0.4353. The Third Major Support Level (S3) sits at $0.3817.

XRPUSD 051122 Hourly Chart

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 $0.46678. The 50-day EMA crossed through the 100-day EMA, with the 100-day EMA widening from the 200-day EMA. The signals were bullish.

A hold above the 50-day EMA ($0.46678) would give the bulls a run at R1 ($0.5242). However, a fall through S1 ($0.4706) would bring the EMAs and S2 ($0.4353) into view.

XRPUSD 051122 4 Hourly Chart

Read More: XRP Price Target Shifts to $0.60 after US Jobs Report Breakout

2022-11-04 19:02:00

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