XRP found short-term support from payrolls and weaker-than-expected US wage growth numbers before recovering.
For XRP holders, the ongoing court decision in the SEC v Ripple case continues to leave XRP below $0.40.
Constant silence leaves XRP in Janet Yellen’s hands all day long
On Friday, US Treasury Secretary and former Federal Reserve Chair Janet Yellen sent XRP and the broader cryptocurrency market into the red.
In response to the long-awaited non-farm payrolls and wage growth numbers in the US on Friday, Yellen reminded markets of the Fed’s targets. The former Fed chair reportedly said that inflation was still too high, and that the onus was on the Fed to bring down inflation.
XRP and the broader crypto market were supported by weaker-than-expected US labor market data prior to Yellen’s comments.
However, XRP’s upside remained limited, with investors still waiting for a crucial court decision.
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.
With the SEC’s objection filed at the end of July, another week has passed without a decision being made, which could start to alarm XRP holders.