US economic indicators provided support for the price of XRP, with no significant updates from the SEC v Ripple issue for investors to consider.
The October jobs report increased demand for riskier assets, with the Nasdaq Composite Index and the cryptocurrency market enjoying bullish gains.
Nonfarm payrolls rose by 261,000, while the unemployment rate rose from 3.5% to 3.7%. Wage growth figures suggest that price pressures will ease, supporting the Fed’s axis in the near term. In October, wages rose 4.7% year-on-year, down from 5.0% in September.
On Friday, the Nasdaq Composite Index is up 1.28%, while the cryptocurrency market is up 5.59%.
Court approves SEC’s request for time extension and takes case until 2023
Friday, the court content The SEC’s proposal to extend the time for all parties to file response submissions through November 30, 2022. In addition, the court approved the SEC’s request to file all Amicus submissions by November 11. The defendants did not contest the petitions prior to that court’s ruling.
The court’s new timetable extends to 2023. On January 9, 2023, parties must object to blanket motions for a seal.
XRP has shown a muted reaction to the latest updates. Although the case will now run into 2023, Friday’s return to $0.50 reflected investor optimism about the outcome of the ongoing case.