Signal price

XRP Price Target Moves to $0.60 After US Jobs Report Breakout

Key ideas:

  • On Friday, XRP jumped 11.2% to end the day at $0.5060.
  • Investor sentiment towards the SEC case against Ripple and the US jobs report boosted demand for XRP.
  • Technical indicators are bullish, with XRP trading above the 50-day EMA, signaling a move back below $0.60.

On Friday, XRP rebounded 11.20%. After 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 drop to an early low of $0.45349. Avoiding the first major support level (S1) at $0.4496, XRP hit a late morning high of $0.50707. XRP broke above the major resistance levels of the day. A late morning pullback saw XRP return to testing support at $0.48 before a move back to $0.50.

US economic indicators provided support for XRP prices, with no significant updates from the SEC case against Ripple for investors to consider.

The October jobs report boosted demand for riskier assets, with the NASDAQ Composite Index and the crypto market enjoying bullish sessions.

Nonfarm payrolls jumped 261,000, while the unemployment rate fell from 3.5% to 3.7%. Wage growth figures suggest easing price pressures, supporting a near-term Fed pivot. In October, wages rose 4.7% year over year, compared to 5.0% in September.

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

Court grants SEC motion to extend time, bringing case to 2023

Friday, the Court granted the SEC’s motion to extend the time for all parties to file reply briefs until November 30, 2022. In addition, the Court granted the SEC’s motion to have all Amicus brief filings submitted before November 11. the judgment of the Court.

The Court’s new schedule extends through 2023. On January 9, 2023, parties must file objections to omnibus motions to seal.

XRP has shown a muted reaction to the latest updates. While the case will continue into 2023, Friday’s return to $0.50 reflects investor optimism about the outcome of the ongoing case.

XRP Price Action

At the time of writing, XRP was down 1.13% at $0.50029. A mixed start to the day saw XRP hit 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 run to the first major resistance level (R1) at $0.5242. A move by XRP to the morning high of $0.50999 would signal a bullish session.

In the event 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) is located at $0.5960.

A drop through the pivot would bring into play the first major support level (S1) at $0.4706. However, barring an extended sell-off, XRP is likely to avoid sub-$0.47 and the second major support level (S2) at $0.4353. The third major support level (S3) is located at $0.3817.

XRPUSD 051122 Hourly Chart

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

At the time of writing, XRP was sitting above the 50-day EMA, currently at $0.46678. The 50-day EMA crossed 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 to R1 ($0.5242). However, a drop through S1 ($0.4706) would highlight the EMAs and S2 ($0.4353).

XRPUSD 051122 4 Hourly Chart