XRP Bears Remain in the Driving Seat with Sub-$0.45 the Target

It was a quiet Friday session, with no Court rulings from the ongoing SEC v Ripple case to draw interest. The lack of Court rulings left XPP in the hands of the crypto news wires and the US economic calendar.

The US Jobs Report provided investor relief. After the ADP nonfarm employment change numbers, a 209k increase in US nonfarm payrolls eased bets on a more hawkish Fed policy outlook.

However, there was no euphoric rally, with US average hourly earnings coming in hotter than expected. Average hourly earnings increased by 4.4% year-over-year versus 4.4% in May. Economists forecast a 4.2% increase.

While the US Jobs Report provided direction, Ripple news also drew interest as investors await the Summary Judgment.

On Friday, Ripple shared updates on the UBRI program that started in 2018. Sharing the latest on Twitter, Ripple said,

“UBRI has now established more than 50 university partners across six continents, awarded 590 fellowships and scholarships, and supported the publication of over 1,000 research articles and presentations.”

News of Ripple entering the tokenized real estate space was also XRP positive, with the Ripple platform continuing to grow despite the SEC v Ripple case.

Central Bank Digital Currencies have gained traction this year. Ripple is actively exploring CBDCs and use cases of CBDCs and stablecoins in the real world. Ripple CBDC advisor Antony Welfare had this to say,

“CBDCs are gaining traction globally, and Ripple CBDC team are focusing in on real-world use cases for a CBDC or stablecoin.”

Welfare offered two real-use cases related to real estate tokenization, including allowing users to tokenize real estate as collateral for loans.

The Day Ahead

It is a quiet Saturday session, with no US economic indicators to influence. The lack of US economic indicators will leave XRP in the hands of the crypto news wires.

While the SEC v Ripple case will remain the focal point, investors should monitor SEC and US lawmaker chatter. SEC v Binance and Coinbase (COIN)-related news also needs consideration.