XRP Market Update: Garlinghouse Advocates in Washington While BTC Reaches $105K
By Bob Mason
Updated: May 20, 2025
XRP Faces Legal Challenges as Key Legislation Approaches
In an important turn of events for the cryptocurrency market, Ripple CEO Brad Garlinghouse is making a trip to Washington D.C. to advocate for pro-crypto legislation, coinciding with the impending vote on the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act. This bill, while focused on stablecoins, has broader implications that could significantly affect market sentiments for XRP and other cryptocurrencies.
As the vote looms, XRP’s price has experienced a slide of 2.01%, underperforming compared to the general cryptocurrency market, which recorded a decline of 0.86%. This dip appears to be influenced by ongoing legal uncertainties surrounding XRP, especially with the heightened focus on the GENIUS Act. Legal experts suggest that if the GENIUS Act fails to pass, it could stall critical crypto legislation until 2029, casting a shadow over the prospects for XRP and other altcoins.
Garlinghouse took to social media to express his hopefulness regarding the upcoming discussions in Congress. “Heading to DC to champion sensible pro-crypto legislation around stablecoins and market structure,” he stated, emphasizing a collaborative and inclusive approach to the multi-chain nature of the cryptocurrency industry.
However, not all lawmakers are aligned with Garlinghouse’s vision. Senator Cynthia Lummis, a prominent figure in the Digital Assets Subcommittee, recently canceled a scheduled meeting with him, raising concerns about her traditional pro-Bitcoin stance. Observers note that Lummis’s influence in Congress may complicate XRP’s aspirations of being recognized as a US strategic reserve asset—a notion that previously fueled its surge to $3.3999 in January.
Current Price Dynamics for XRP
As of May 19, XRP closed at $2.3803, which partially reverses the previous Sunday’s rally of 3.18%. Market analysts agree that XRP’s immediate future hinges on pivotal US legislation, developments in the Ripple-SEC case, and the market sentiment regarding a potential XRP-focused exchange-traded fund (ETF). With important technical support identified at $2.3, a breakthrough above the May 12 high of $2.6553 could pave the way for an ascent toward $3.00, potentially reaching past highs of $3.5505. ### Bitcoin Market Trends Amid Legislative Concerns
In parallel movements, Bitcoin (BTC) also faced a slight retreat, falling 0.85% on May 19 to settle at $105,573 after a notable increase the previous day. The cryptocurrency’s market behavior is shadowed by the upcoming GENIUS Act vote, which has seemingly outweighed positive influences such as net inflows into US Bitcoin-spot ETFs.
Recent data from Farside Investors reveal a contrasting scenario in the ETF market, with Fidelity Wise Origin Bitcoin Fund reporting inflows of $188.1 million, while the ARK 21Shares Bitcoin ETF witnessed outflows of $155.3 million. Furthermore, excluding BlackRock’s iShares Bitcoin Trust, the overall BTC-spot ETF market saw an inflow of $361.5 million. At year-to-date, the iShares fund has experienced inflows of approximately $8.3 billion, compared to earlier performances of gold ETFs, indicating a significant interest in Bitcoin despite the broader challenges.
Future Projections for BTC
Looking ahead, Bitcoin’s short-term price trends depend on multiple factors, including outcomes from the GENIUS Act vote, US-China trade relations, and prevailing macroeconomic indicators. Two scenarios emerge for traders to consider:
Bearish Scenario: Growing tensions between the US and China, a failed GENIUS Act vote, and fears of a US recession could push Bitcoin prices down towards $90,000.
Bullish Scenario: Conversely, a resolution in trade tensions, positive economic indicators, successful passage of the GENIUS Act, combined with continued ETF inflows could potentially elevate Bitcoin above its current all-time high of $109,312. ### Conclusion: Key Factors to Monitor
As the cryptocurrency landscape evolves in the wake of legislative changes, stakeholders should monitor developments in both the Ripple case and other critical US cryptocurrency legislation. Investors will need to remain vigilant as shifts in market sentiment and regulatory stances are likely to shape the future trajectory of both XRP and Bitcoin.
For more insights, analysts urge a close watch on cryptocurrency price patterns and political developments that could influence these digital assets’ next moves.
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