XRP News Today: White House Crypto Summit Looms as SEC Weighs Appeal

SEC Closed Meeting Spotlights the Ripple Case

The SEC will hold a closed meeting on Thursday, March 6, as investors consider the upcoming White House Crypto Summit. Thursday’s closed meeting will give SEC Commissioners a forum to discuss ongoing legal enforcement actions. The SEC’s appeal strategy in the ongoing Ripple case could be a focal point amidst increased speculation about an appeal withdrawal.

SEC Acting Chair Mark Uyeda and Commissioner Hester Peirce give Republicans a 2:1 edge, supporting President Trump’s pro-crypto agenda. Under SEC rules, at least three Commissioners must be present for a quorum.

Since Acting Chair Mark Uyeda established the Crypto Task Force, the agency has reversed its approach toward crypto enforcement:

• Jointly requested stays in the Binance and Lejilex cases, delaying proceedings until April due to leadership changes and the Crypto Task Force’s involvement.
• Withdrew its appeal against rulings in the Blockchain Association and Crypto Freedom Alliance of Texas (CFAT) case.
• Dismissed the lawsuit against Coinbase (COIN).
• Closed its investigations into Robinhood Crypto, Opensea, and Uniswap.
• Dismissed the case against Kraken.

Is Ripple CEO Brad Garlinghouse Attending the White House Crypto Summit?

It remains unclear whether Trump’s plans for a Crypto Summit influenced the SEC’s enforcement priorities.

On Wednesday, March 5, Fox Business journalist Eleanor Terrett shared a list of attendees to the White House Crypto Summit, including:

• Vlad Tenev: RobinhoodApp CEO.
• Arjun Sethi; Kraken co-CEO.
• Brian Armstrong: Coinbase CEO.

Notably absent was Ripple CEO Brad Garlinghouse, despite President Trump’s inclusion of XRP in the US Crypto Strategic Reserve Asset. However, other sources suggest Brad Garlinghouse may still attend.

The White House’s inclusion of XRP as a Strategic Reserve Asset and Garlinghouse’s attendance at Friday’s Crypto Summit could add pressure on the SEC to drop its appeal, challenging the programmatic sales of XRP ruling.

XRP Price Trends: SEC Appeal and White House Crypto Summit

On Wednesday, March 5, XRP advanced by 1.88%, following Tuesday’s 2.83% gain, closing at $2.5016. However, XRP trailed the broader market, which rose 3.35%, bringing the total crypto market cap to $2.92 trillion.

Uncertainty surrounding the SEC’s appeal strategy and XRP’s potential inclusion in the Crypto Reserve Asset kept the token’s gains modest.

Near-term XRP price trends hinge on three factors:

• US Strategic Reserve Asset: Government crypto allocations could influence market sentiment.
• SEC Appeal Strategy: A dropped appeal may push XRP beyond its $3.55 all-time high, while legal uncertainty could drag prices below $1.50.
• XRP-Spot ETF Developments: A green light from regulators could attract institutional inflows and drive prices toward $5.

Read expert analysis on what could drive XRP to new highs here.

Bitcoin Retakes $90K as US Data Keeps June Fed Rate Cut Hopes Alive

On March 5, the US ISM Services PMI eased recession fears, rising from 52.8 in January to 53.5 in February. Firms increased staffing levels on higher demand, with prices also rising, potentially tempering bets on a June Fed rate cut.

In contrast, the ADP jobs report showed a 77k increase in February, well below January’s 186k surge, suggesting a cooling labor market. A weaker job market may affect wage growth, dampening consumer spending and demand-driven inflationary pressures.

Bitcoin briefly dipped below $88K after the ADP report but rebounded to $90K as PMI data reassured investors.

Fed Rate Outlook: The contrasting reports left market bets on an H1 2025 Fed rate move relatively steady. According to the CME FedWatch Tool, the probability of a June Fed cut fell from 81.1% on March 4 to 78.4% on March 5. Fed rate cuts could lower borrowing costs, increasing demand for risk assets, including bitcoin (BTC).

President Trump Offers Tariff Relief

Meanwhile, President Trump exempted certain automakers from the recent tariff hikes on Canada and Mexico. The exemption will reportedly be effective for one month, with Trump also receptive to exempting other goods from tariffs.

A softened tariff stance could help stabilize inflation and support a more dovish Fed policy, reducing uncertainty for risk assets.

Bitcoin Price Scenarios: Key Levels to Watch

On March 5, BTC rose 3.82%, adding to Tuesday’s 1.28% gain, closing at $90,639. Meanwhile, investor focus will return to the US economic calendar and tariff developments on Thursday, March 6.

• US Jobless Claims: Economists forecast initial jobless claims to fall from 242k (week ending February 22) to 235k (week ending March 1), influencing the Fed rate path.
• Tariff Developments: Rollbacks could drive demand for risk assets.

Potential price scenarios:

Bearish: Trade tensions, weak US data, BTC-spot ETF outflows, and resistance to a US Crypto Strategic Reserve could drag BTC below $80K.

Bullish: Easing trade tensions, positive US data, ETF inflows, and lawmaker support for a US Crypto Strategic Reserve could drive BTC toward its record high of $109,312.

Market Outlook: Catalysts Driving Crypto Trends

Several key factors could influence crypto market sentiment:

1. SEC Appeal Decision: A withdrawal could trigger a broad market rally.
2. US Tariff Policy & Inflation: Higher tariffs may delay Fed rate cuts.
3. US Economic Data: Key labor market reports will influence the Fed’s rate path.
4. Crypto Strategic Reserve Asset: Multi-crypto reserve could accelerate institutional adoption.
5. BTC-Spot ETF Flows: Institutional demand will drive BTC price trends.

A potential SEC withdrawal from the Ripple appeal could be a major bullish catalyst for XRP and the broader market. Meanwhile, the White House’s approach to crypto regulation will be critical for influencing institutional investment.

Stay updated with our latest insights here.