XRP Bulls to Target $0.44 on US Debt Ceiling Hopes

XRP increased on Monday by 0.49%. On Sunday, XRP gained 0.20% and closed the day at $0.42732. XRP struggled to hold onto the $0.43 mark for a third straight day despite the positive session.

Following the general market, XRP dropped to $0.42157 in the first hour. XRP increased to a mid-morning high of $0.43038 while avoiding the First Major Support Level (S1) at $0.4206 in the process. Before relaxing back down below $0.4250, XRP tested the First Major Resistance Level (R1) at $0.4307. But XRP found late support to finish the day at $0.42732.

Support was provided by hopes for a resolution to the US debt ceiling crisis.

The week started very quietly. No new information from the current SEC v. Ripple lawsuit was relevant. Even if there was no court action to take into account, talk about SEC v. Ripple has become more popular.

The anti-SEC talk, though, hasn't managed to change the dial. As the case's level of uncertainty rises, XRP remains below the $0.50 handle and the year's high of $0.58479.

Market perception of the US debt crisis and Fed monetary policies provided support, despite the fact that XRP is still in limbo.

From +10.8 to -31.8, the NY Empire State Manufacturing Index fell. -3.75 is the more moderate fall predicted by economists. Despite high inflation and a robust job market, the dismal figures kept betting on the Fed pressing the stop button in June.

The Coming Day

Tuesday is a hectic day for XRP and the larger cryptocurrency market.

This afternoon's news will center on retail sales and industrial output in the US. As investors search for clues that might sway the Fed, the retail sales figures ought to be more significant.

News about the US debt limit and Fed chitchat, however, will also need to be taken into account. Investors would be alarmed if US Vice President Biden and House Speaker Kevin McCarthy's negotiations fell down.

Economic data from China will set the stage for the US session. The statistics for April's fixed asset investment, industrial output, retail sales, and unemployment will provide guidance. The numbers for industrial output and retail sales are anticipated to have a greater influence.

China's recent economic data have shown that the country's economic recovery is weakening. Another set of disappointing results will heighten recessionary worries and put pressure on riskier assets.

While direction will be given by economic data from China and the US, SEC v. Ripple case-related developments will continue to take center stage.