XRP Ripple (XRP) began the day on a bearish note, with its value dropping to a low of $0.45000 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.
I think they were included but not all referenced in the brief in argument.
BUT I MISSED THIS EVEN THOUGH I TWEETED IT OUT.
Read the footnote:
Exhibit 220 is part SEC emails: XRP Ripple (XRP) is mentioend and that there are reasonable grounds XRP Ripple (XRP) doesn’t satisfy ALL Howey factors. HUGE. pic.twitter.com/Y3AELAjwbF
— John E Deaton (@JohnEDeaton1) May 20, 2023
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.