Daily Market Report - Friday, July 14, 2023


The price of Ripple (XRP) spiked more than 70% over the last 24 hours after a U.S. judge ruled that Ripple did not break securities laws by selling XRP on public exchanges. The decision is a major victory for Ripple, which has been fighting the SEC in court for over two years. The SEC concluded by stating that the court's decision will continue to be reviewed. XRP's market capitalization grew by more than $21 billion to reach a new annual high of $46 billion. The sharp rise in XRP helped other cryptocurrency pairs to extend the gains. Bitcoin was up 3.88% on the day and Ethereum rose 7.8 percent to exceed $ 2,010.

Brad Garlinghouse, the Chief Executive of Ripple, hailed the verdict as “a significant triumph for Ripple and, more importantly, for the overall industry within the United States”. “Provides much-needed clarity for the industry and opens the door for further innovation." – he added.

Coinbase, the largest U.S. crypto exchange, has already announced that it would resume the trading of XRP on its platform. Shares of Coinbase jumps 25% on Thursday.


Stock markets across Europe opened slightly lower after Asian shares end nearly flat. While US stock futures remain unchanged. Today, Investors should close pay attention today to corporate earnings with some of the biggest US investment banks reporting their earnings. JP Morgan, Wells Fargo, BlackRock and Citi are amongst those reporting the last quarter's financial results today.


Crude oil prices slightly retreat from the daily highs, but are on track for 3rd straight weekly gain. The upside momentum supported the weak US dollar and the US inflation numbers raised hopes that the Federal Reserve may be nearing the end of its rate-hiking cycle. On the other hand, China's crude imports surged to the highest in three years, underscoring robust demand despite signs of a wider economic slowdown.


In the currency market, the US dollar index slightly recovered after the steep fall after Federal Reserve Governor Christopher Waller said, he's not ready to call an all-clear on U.S. inflation and favors more rate hikes this year, saying the upcoming July meeting should bring an increase. On Thursday, the dollar extends the losses and hit an 18-month low after the latest showed U.S. producer prices barely rose in June, providing more evidence the economy had entered a disinflation phase.


The safe-haven metal hovers near the monthly highs and remains volatile as the markets are unsettled by swings in volatility caused by the latest US inflation data. Cooler-than-expected US inflation numbers also raised hopes that the Federal Reserve may be nearing the end of its rate-hiking cycle, boosting market sentiment. However, the markets are pricing a 92% bet on a 25 basis point hike later this month, but forecasts suggest no further hikes for the rest of the year.

Economic Outlook

On the data front, the latest US Producer Price Index (PPI) data for June fell short of market expectations of a 0.2% rise, showing a modest 0.1% increase in producer prices for final demand. Meantime, Initial jobless claims in the United States for the week ending July 8 decreased by 12,000 compared to the previous week's revised figure and landed at 237,000.

Technical Outlook and Review

The currency pair remains above 1.1200 but upward momentum is not strong in the last 4 hours. For today the first support for the Euro appears to be around 1.1170, in the short-term any break below 1.1170 the next downside level to watch is 1.1130. On the upper side, the key resistance remains above 1.1250.

The important levels to watch for today: Support- 1.1170 and 1.1130 Resistance- 1.1250 and 1.1280.

GOLD: The price actions appear to be part of a consolidation phase and the metal is likely to trade sideways today. On the downside, the next immediate support prevails at $1952, a further breakout of $1952 can lead the pair towards $1948/45 levels.

The important levels to watch for today: Support- 1952 and 1945 Resistance- 1963 and 1970.

Quote of the day "Trading is not for the dabblers, the dreamers, or the desperate. It requires, above all, one steadfast trait of dedication. So if you are going to trade, trade like you mean it" -Rod Casilli.
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