Bitcoin, Ether Dip; XRP Rises Post US Debt Ceiling

May 30, 2023

Bitcoin and other top cryptocurrencies experienced losses in Tuesday's Asian trading, with Bitcoin falling due to profit taking after Monday's gains.

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However, XRP defied the trend and rose amidst speculation that it is undervalued considering positive developments in Ripple Labs' lawsuit in the U.S.

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Stock futures in the U.S. saw an upward movement as President Biden and House Speaker McCarthy agreed to raise the government's debt ceiling

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This agreement brought optimism to investors but also raised concerns about inflation and potential interest rate hikes.

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Despite the dip, Bitcoin still showed a 2.95% increase for the week, reaching a peak of US$28,300 on Monday morning in Asia.

Additionally, XRP witnessed gains over the past 24 hours and week, boosted by revelations in the infamous lawsuit against the firm.

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According to pro-Ripple attorney John Deaton, internal documents from the SEC may support Ripple's case, potentially leading to further price increases for XRP.

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