Waiting for the next catalyst
The SEC had alleged that Ripple Labs had violated American laws when it raised funds in 2013. While the judge ruled that Ripple violated laws, she found that XRP was not a financial security. This was seen as a positive thing for most cryptocurrencies.Data published earlier this month showed that the American economy created just 209k jobs in June, lower than the expected 230k.
Manufacturing and industrial production also fell. Further, data showed that the housing sector started cooling in June. Housing starts and building permits also dropped after rising in the previous month. The pair has moved slightly below the 50-period moving average, meaning that bears are gaining some control.
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