XRP Price Analysis: Will it Breakout to $0.53 Amidst Ripple Case and Debt Ceiling Crisis?

XRP Price Analysis: Will it Breakout to $0.53 Amidst Ripple Case and Debt Ceiling Crisis?

Read about how the Ripple case and the US debt ceiling crisis are driving the fate of XRP in today’s market and the potential impact of economic indicators on market sentiment in this XRP price analysis and prediction for May 24, 2023.

XRP Ripple (XRP) began the day on a bearish note, with its value dropping to a low of $0.45 within the 1st hour. Nonetheless, it found support at the 1st Major Support Level (S1), at $0.4515. Following that, XRP Ripple (XRP) experienced a recovery and reached a peak of $0.46747 during the mid-morning session. Surpassing the 1st Major Resistance Level (R1) at $0.4665, XRP Ripple (XRP) briefly dipped below $0.4550 but soon found additional support. In the end, XRP Ripple (XRP) concluded the day at $0.46179. Here’s today’s XRP Ripple (XRP) price prediction.

Ripple Case and Debt Ceiling Crisis Drive XRP’s Fate

For a Second session, SEC v Ripple case chatter and United States debt ceiling-related news dominated, influencing XRP’s performance as a result of the lack of updates from the ongoing case.

Over the weekend, Amicus Curiae attorney John Deaton shared Exhibit 220 from the SEC vs Ripple case, which acknowledges reasonable grounds showing that XRP Ripple (XRP) does not satisfy all Howey factors. Deaton added that Exhibit 220 is part of the SEC emails scheduled for release next month.

Nonetheless, investors displayed limited interest in these developments as speculation regarding a potential settlement in the SEC vs Ripple case circulated.

Regardless of the absence of whole lot of updates from the SEC vs Ripple case, the focus remained on the United States debt ceiling crisis. On Monday, Speaker of the House Kevin McCarthy stated talks were progressing in the right direction, alleviating concerns about a potential United States default and the resulting financial crisis.

Investors are closely analyzing the United States economy for potential vulnerabilities, focusing on the following releases of the Services and Manufacturing sector Purchasing Managers’ Index (PMI) data. These PMIs will serve as critical indicators in determining the market’s overall direction. Among the two, the services PMI is anticipated to have a more pronounced impact on market sentiment.

Even though these economic indicators will undeniably influence market dynamics, it is equally essential to consider the ongoing discussions and statements made by Federal Reserve officials and any news pertaining to United States Government debt. Progress toward resolving the debt ceiling issue is a positive development, potentially exerting upward pressure on market prices.

XRP Ripple (XRP) Price Prediction – XRP Ripple (XRP) Price Analysis and Key Levels – May 24, 2023

At the time of publication, XRP Ripple (XRP) had reached $0.4502. The day began with a mixed start as XRP Ripple (XRP) climbed to an early high of $0.46351 before dropping to a low of $0.45118. To target the 1st Major Resistance Level (R1) at $0.4695, XRP Ripple (XRP) has to  prevent the pivot at $0.4598. 

A positive  tendency session would be indicated by surpassing a high of $0.46747. Nonetheless, updates regarding the SEC vs Ripple case and news related to the United States debt ceiling need support for a breakout session to occur.

If an extended rally occurs, XRP Ripple (XRP) will test the Second Major Resistance Level (R2) at $0.4715, followed by the resistance level at $0.4823. The Third Major Resistance Level (R3) is at $0.53.

Should XRP Ripple (XRP) fall below the pivot, the 1st Major Support Level (S1) at $0.4520 would come into play. Nonetheless, unless a whole lot of event affecting digital currencies or a sell-off driven by danger aversion occurs, XRP Ripple (XRP) is expected to avoid sliding below $0.4450 and the Second Major Support Level (S2) at $0.4423. The Third Major Support Level (S3) is at $0.4248.

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