XRP Eyes Sub-$0.4550 on SEC v Ripple Silence and Debt Ceiling Woes

Tuesday saw a growth of 0.83% in XRP. XRP finished the day at $0.46560 after gaining 1.05% on Monday. XRP saw green for the ninth time in 10 sessions, which is significant.

After a positive morning, XRP climbed to a high of $0.46700. 

However, XRP dropped to a low of $0.45857 in the early afternoon after failing to pass the First Major Resistance Level (R1) at $0.4695. XRP recovered after avoiding the First Major Support Level (S1) around $0.4520 and ended the day at $0.46560.

News from the Hong Kong Securities and Futures Commission provided encouragement.

Tuesday's session was uneventful since there were no new developments in the ongoing SEC v. Ripple dispute. Due to the absence of updates, XRP was at the mercy of cryptocurrency news outlets, US economic statistics, and discussions over the US debt limit.

The Hong Kong Securities and Futures Commission (HKSFC) made a significant advancement toward becoming a center for cryptocurrencies on Tuesday.

As on June 1, 2023, the HKSFC stated that retail investors may trade cryptocurrencies. The morning breakout was given by the news.

The US economy received late assistance from economic data, and immediate concerns of a US recession were allayed by better-than-anticipated service sector PMI readings. The services PMI climbed from 53.4 to 54.5 while the manufacturing PMI decreased from 50.2 to 48.5. According to economists, both PMIs will drop to 50.0.

The US debt ceiling standoff, nevertheless, limited the potential gains. Buyer appetite was put to the test by the growing default risk for the US.