XRP Eyes $0.55 on SEC v Ripple News and US Debt Ceiling News

Wednesday saw a 0.91% decline in XRP. At the day's end, XRP was trading at $0.51683, partially reversing a Tuesday's gain of 5.48%. Significantly, XRP gained 9.58% in May while snapping a six-day winning streak.

XRP reached an early high of $0.52772 thanks to a strong start to the day. XRP dropped to a late afternoon low of $0.50112 after failing to pass through the First Major Resistance Level (R1) at $0.5370. XRP retested resistance at $0.52 before falling back to end the day at $0.51683, however it avoided the First Major Support Level (S1) at $0.4979.

Anxiety About the Debt Ceiling Vote and China PMIs Weighed

A calm session was held on Wednesday. There were no new developments in the SEC v. Ripple case that could give guidance. Investors in XRP were optimistic about the outcome of the SEC v. Ripple lawsuit due to the absence of updates, which led to early support.

However, news about the US debt ceiling and Chinese economic indices hurt XRP and the overall crypto market.

Riskier assets were pulled down by a further contraction in China's manufacturing sector, which was exacerbated by investor trepidation ahead of the House of Representatives vote on the US debt ceiling agreement.

As investors wait for the disclosure of the infamous William Hinman speech-related documents, the loss on Wednesday was nevertheless rather small.

The Coming Day

The Thursday session is really busy. The US debt ceiling vote and US economic statistics will have an impact. ADP nonfarm employment and first jobless claims data could test the idea ahead of the US Jobs Report after expectations on a Fed interest rate hike declined in June.

However, the result of the US debt ceiling vote would probably restrict the influence of Chinese and US economic statistics.

The SEC v. Ripple case updates should have more of an impact than the economic calendar and Washington developments.