XRPย Rippleย (XRP) began the day on a bearish note, with itsย 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. Followingย that, XRPย Rippleย (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, XRPย Rippleย (XRP) briefly dipped below $0.4550 but soon found additional support. Inย theย end, XRPย Rippleย (XRP) concluded the day at $0.46179. Hereโs todayโs XRPย Rippleย (XRP) price prediction.
Ripple Case and Debt Ceiling Crisis Drive XRPโs Fate
For a Second session, SEC v Ripple case chatter and Unitedย States debt ceiling-related news dominated, influencing XRPโs performance asย aย resultย 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 XRPย Rippleย (XRP) does not satisfy all Howey factors. Deaton addedย 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: XRPย Rippleย (XRP) is mentioend and that there are reasonable grounds XRPย Rippleย (XRP) doesnโt satisfy ALL Howey factors. HUGE. pic.twitter.com/Y3AELAjwbF
โ 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.
Regardlessย of the absence of wholeย lotย of updates from the SEC vs Ripple case, the focus remained on the Unitedย 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 Unitedย States default and the resulting financial crisis.
Investors are closely analyzing the Unitedย States economy for potential vulnerabilities, focusing on theย following releases of the Services and Manufacturing sector Purchasing Managersโ Index (PMI) data. These PMIs will serve as critical indicators in determining the marketโs overall direction. Amongย the two, the services PMI is anticipated to have a more pronounced impact on market sentiment.
Evenย thoughย 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 Unitedย States Government debt. Progress toward resolving the debt ceiling issue is a positive development, potentially exerting upward pressure on market prices.
XRPย Rippleย (XRP) Price Prediction โ XRPย Rippleย (XRP) Price Analysis and Key Levels โ May 24, 2023
Atย theย timeย ofย publication, XRPย Rippleย (XRP) had reached $0.4502. The day began with a mixed start as XRPย Rippleย (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, XRPย Rippleย (XRP) hasย toย prevent the pivot at $0.4598.ย
A positiveย 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 Unitedย States debt ceiling need support for a breakout session to occur.
If an extended rally occurs, XRPย Rippleย (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 XRPย Rippleย (XRP) fall below the pivot, the 1st Major Support Level (S1) at $0.4520 would come into play. Nonetheless, unless a wholeย lotย of event affecting digitalย currencies or a sell-off driven by danger aversion occurs, XRPย Rippleย (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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