Key Insights:

• XRP rose by 0.12% on Friday to record a third consecutive day in the green.

• Updates from the SEC v Ripple case failed to deliver support, with sentiment towards Fed monetary policy continuing to test the markets.

• Technical indicators are bullish, with XRP sitting above the 100-day EMA.

On Friday, XRP rose by 0.12%. Following a 3.09% rally from Thursday, XRP ended the day at $0.3339.

A bullish start to the day saw XRP strike a high of $0.3484 before hitting reverse.

XRP broke through the First Major Resistance Level at $0.3406 and the Second Major Resistance Level at $0.3478.

The reversal saw XRP slide to a low of $0.3272. Steering clear of the First Major Support Level at $0.3193, XRP bounced back to end the day at $0.3339.

Fed chatter delivered support as investors grappled with the pickup in consumer prices coupled with better-than-expected labor market and retail sales figures.

SEC v Ripple Updates Fail to Mute the Influence of the Fed

XRP suffered from a choppy Friday session, with US economic indicators and Fed chatter driving market volatility.

Retail sales increased by 1.0% in June, reversing a 0.1% decline from May. Economists had forecast a more modest 0.8% rise. Positive retail sales were not hot enough to force the Fed into a more aggressive move later this month.

Fed chatter provided comfort, with FOMC members Bostic and Bullard playing down the prospects of a 100-basis point hike.

Sentiment toward Fed monetary policy continued to overshadow court rulings from the SEC v Ripple case.

On Tuesday, the US courts denied the SEC motion to protect the William Hinman speech-related documents under the attorney-client privilege. The ruling gives Ripple the upper hand.

From a market perspective, the SEC’s silence on the ruling suggests some in-house maneuvering to formulate an appeal.

There was some activity at the end of the week, with the amici motion to participate in the challenge to SEC expert testimony drawing interest.

Overnight, defense attorney James Filan shared the latest on the requests and justifications for redactions.

While of little influence to XRP, the wrangling over redactions in relation to expert testimony could drag the case out even further and give the SEC time to tackle the ruling on the Hinman docs.

XRP Price Action

At the time of writing, XRP was down 0.42% to $0.3325.

A mixed start to the day saw XRP rise to an early high of $0.3349 before falling to a low of $0.3314.

Technical Indicators

An XRP move through the $0.3365 pivot would support a run at the First Major Resistance Level (R1) at $0.3458 and the Friday high of $0.3484.