XRP Bears to Target Sub-$0.45 on Anti-Crypto Rhetoric

Sunday saw a 2.49% decline in XRP. XRP gained 0.23% on Saturday but lost everything on Sunday, rising 7.47% to $0.45700. Significantly, XRP snapped the winning run of seven sessions.

After a bullish morning, XRP increased to a high of $0.47048 before going down. XRP fell to a low of $0.45544 in the late afternoon after failing to pass the First Major Resistance Level (R1) at $0.4728. To close the day at $0.45700, XRP broke through the First Major Support Level (S1) at $0.4634 and the Second Major Support Level (S2) at $0.4582.

Debt Ceiling Issues and US President Biden Weigh

Sunday was uneventful since there were no new developments in the ongoing SEC v. Ripple lawsuit. Due to the absence of updates, XRP was at the mercy of rumors and news about the US debt limit and the SEC v. Ripple lawsuit.

Regarding the SEC and securities, Ripple Chief Legal Officer Stuart Alderoty said, "The Sup Ct's Andy Warhol lithograph case received attention last week. Did you know that the SEC declared in 1976 that art lithographs, even when sold for financial purposes, are not securities if the seller has no contractual obligations to the buyer after the sale?

John Deaton, an attorney for the Amicus Curiae, was also active on Twitter and made references to the Hinman papers as well as other details in the SEC v. Ripple case.

Thoughts of the SEC v. Ripple case were optimistic, they were eclipsed by US President Joe Biden and the US debt limit situation. The US President provided an update on the US debt limit problem while attending the G7 in Japan, stating, "I'm not going to agree to a deal that protects wealthy tax cheats and cryptocurrency traders while putting food assistants at risk."

The crypto market fell due to anti-crypto rhetoric and the persistent risk of a US default.