US economic indicators have sent XRP down to today’s low before receiving support from the Nasdaq 100 index and the broader crypto market.
A pending court decision in the SEC v Ripple case, US economic indicators and sentiment against the Fed’s monetary policy kept XRP in headwinds throughout the session.
The silence of the courts leaves XRP in the hands of the Federal Reserve
On Thursday, there were no updates on the SEC v Ripple issue to draw investors’ attention away from the US economic calendar.
In August, the ISM manufacturing PMI settled at 52.8. Economists expect a drop to 52.0. Significantly, the employment share increased from 49.9 to 54.2.
Earlier in the session, initial jobless claims fell from 237,000 to 232,000, with the 4-week average falling from 245.5000 to 241.5000. Thursday’s batch of data suggests that Fed rate hikes and future guidance had a muted effect on employment. Failure to rein in hiring could force the Fed to engage in more aggressive policy maneuvers to bring inflation to target.
As investors focus on US economic indicators and Federal Reserve monetary policy, the current SEC v Ripple issue continues to weigh.
Investors are currently awaiting a court decision on the SEC’s challenge to a court order denying the SEC’s request to protect Hinman’s speech-related documents under attorney-client privilege.
William Henman, a former SEC director of corporate finance, is a central figure in the SEC v Ripple case. In a famous speech in 2018, Hinman said that Bitcoin (BTC) and Ethereum (ETH) are not securities.
The decision could come at any time, limiting any short-term uptrend. XRP last visited $0.40 on July 30th.