XRP News Today: Ripple CEO Calls for SEC Chair’s Resignation Amid ETF Speculations

The Friday Overview

On Friday (May 31), XRP declined by 0.35%. Following a 0.84% loss on Thursday (May 30), XRP ended May up 3.30% to $0.5171.

Ripple CEO Brad Garlinghouse Voices Optimism About the US Crypto Market

On Friday, Ripple CEO Brad Garlinghouse shared an interview with CNBC, saying,

“It’s a magical time to be alive!” when she asked how I feel about what’s happening in crypto lately – from a renewed national focus to institutional involvement. With our contribution to Fairshake, the work continues to elect leaders who are pro-crypto, pro-innovation, and pro-consumer protection.”

In the CNBC interview, Brad Garlinghouse had this to say about the ETH-spot ETF approvals,

“Inevitable. The SEC, I think, has been losing in the courts, they’ve been losing in the court of public opinion, and increasingly, I think they’re losing in politics. We saw that happen with the BTC ETFs. They were dragged kicking and screaming into the approval of BTC ETFs because of court decisions. I think they knew that, if they didn’t support and approve the ETH ETFs, likely the same thing was going to happen.”

Notably, the Ripple CEO also called on the Biden Administration to remove SEC Chair Gary Gensler, saying,

“If the Biden administration is actually serious about a shift (and finally waking up to the crypto electorate) – the single most important thing they can do is demand the resignation of Gary Gensler.”

Shortly after the post on X (formerly Twitter), the Biden Administration vetoed SAB 121.

Garlinghouse reacted to the announcement, posting,

“To say that this is incredibly disappointing from this white house – at an incredibly pivotal time – is an understatement.”

The announcement highlighted the Biden Administration’s stance on crypto, which could influence crypto voters in the upcoming  US Presidential Election.

There were no SEC vs. Ripple case-related updates to consider on Friday as investors await a court ruling on the Motion to Seal.

SEC vs. Crypto: Ripple and XRP in Limbo

Ripple filed the Motion to Seal to protect non-public information, including financial statements and contractual agreements with institutions. The SEC argued that documents considered by the court in the remedial stage should be public information.

However, the court ruling will not affect the court decision on the penalty Ripple must pay for breaching US securities laws. While the actual penalty amount will garner investor interest, the ruling on whether to prohibit XRP sales to US institutional investors could impact buyer demand for XRP.

In March, the SEC argued for an almost $2 billion penalty and a court injunction.

XRP Price Action

Daily Chart

XRP hovered below the 50-day and 200-day EMAs, confirming the bearish price trends.

An XRP move through the 50-day EMA could give the bulls a run at the 200-day EMA. A break above the 200-day EMA would support a move to the $0.5739 resistance level.

SEC vs. crypto case-related news needs consideration.

Conversely, an XRP break below the trend lines could give the bears a run at the $0.48 handle.

The 14-day RSI reading, 46.40, suggests an XRP fall to the $0.48 handle before entering oversold territory.