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XRP began the day on a bearish note, with its price dropping to a low of $0.45 within the first hour. However, it found support at the First Major Support Level (S1), at $0.4515. Subsequently, XRP experienced a recovery and reached a peak of $0.46747 during the mid-morning session. Surpassing the First Major Resistance Level (R1) at $0.4665, XRP briefly dipped below $0.4550 but soon found additional support. Ultimately, XRP concluded the day at $0.46179. Here’s today’s XRP price prediction.
Ripple Case and Debt Ceiling Crisis Drive XRP’s Fate
For a second session, SEC v Ripple case chatter and U.S. debt ceiling-related news dominated, influencing XRP’s performance because 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 does not satisfy all Howey factors. Deaton also mentioned 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 is mentioend and that there are reasonable grounds XRP doesn’t satisfy ALL Howey factors. HUGE. pic.twitter.com/Y3AELAjwbF
— John E Deaton (@JohnEDeaton1) May 20, 2023
However, investors displayed limited interest in these developments as speculation regarding a potential settlement in the SEC vs Ripple case circulated.
Despite the absence of significant updates from the SEC vs Ripple case, the focus remained on the US debt ceiling crisis. On Monday, Speaker of the House Kevin McCarthy stated talks were progressing in the right direction, alleviating concerns about a potential US default and the resulting financial crisis.
Investors are closely analyzing the US economy for potential vulnerabilities, focusing on the forthcoming releases of the Services and Manufacturing sector Purchasing Managers’ Index (PMI) data. These PMIs will serve as crucial 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.
While 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 U.S. government debt. Progress toward resolving the debt ceiling issue is a positive development, potentially exerting upward pressure on market prices.
XRP Price Prediction – XRP Price Analysis and Key Levels – May 24, 2023
At the time of writing, XRP had reached $0.4502. The day began with a mixed start as XRP climbed to an early high of $0.46351 before dropping to a low of $0.45118. To target the First Major Resistance Level (R1) at $0.4695, XRP needs to prevent the pivot at $0.4598.
A bullish session would be indicated by surpassing a high of $0.46747. However, updates regarding the SEC vs Ripple case and news related to the US debt ceiling need support for a breakout session to occur.
If an extended rally occurs, 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 fall below the pivot, the First Major Support Level (S1) at $0.4520 would come into play. However, unless a significant event affecting cryptocurrencies or a sell-off driven by risk aversion occurs, XRP is expected to avoid falling 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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