XRP News Today: SEC Appeal, ETF Hopes, and White House Summit in Focus; BTC Slides

Ripple CEO Brad Garlinghouse and the White House Crypto Summit

Fox Business journalist Eleanor Terrett shared an updated list of attendees at the White House Crypto Summit on Thursday, March 6. Ripple CEO Brad Garlinghouse was a notable addition.

Despite the ongoing SEC vs. Ripple case Brad Garlinghouse will attend Friday’s first-ever White House Crypto Summit. His presence could fuel speculation about the SEC’s stance on its appeal, challenging the programmatic sales of XRP ruling.

The US administration is unlikely to invite a crypto CEO entangled in SEC litigation unless discussions regarding the appeal are on the agenda.

XRP and the US Crypto Strategic Reserve Asset

Friday’s Crypto Summit could be a turning point for the US crypto market. Markets expect the administration to provide further details on plans for a Crypto Strategic Reserve Asset. A substantial XRP allocation in the Crypto Strategic Reserve Asset could significantly shift the supply-demand balance in XRP’s favor.

Including XRP in the Crypto Strategic Reserve Asset could also influence the SEC’s appeal strategy in the Ripple case.

Other key attendees at Friday’s round table include Kris Marszalek (Crypto.com CEO), Arjun Sethi (co-CEO Kraken), Brian Armstrong (Coinbase CEO), Vlad Tenev (RobinhoodApp CEO), and Michael Saylor (founder and Chairman of Microstrategy).

XRP Price Trends: SEC Appeal and White House Crypto Summit in Focus

On Thursday, March 6, XRP rallied 3.94%, following Wednesday’s 1.88% gain, closing at $2.6001. XRP outperformed the broader market, which dropped 0.69%, taking the total crypto market cap to $2.9 trillion. Hopes for the SEC to withdraw its Ripple case appeal drove XRP demand.

Near-term XRP price trends will 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 ongoing legal uncertainty could drag prices below $1.50.
• XRP-Spot ETF Developments: Regulatory approval for an XRP-spot ETF could attract institutional inflows and drive prices toward $5.

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

Bitcoin Hovers Below $90k Amid Rising US Recession Risk

On March 6, US labor market data took center stage amid growing recession concerns. Initial jobless claims dropped from 242k (week ending February 22) to 221k (week ending March 1). However, the lower claims reading failed to influence sentiment toward the Fed rate path. Rising US recession risks and President Trump’s shifting tariff policies fueled uncertainty, impacting risk assets.

According to Kalshi, the odds of a 2025 US recession stood at 39% on March 6, up from as low as 17% in January. Meanwhile, the chances of a June Fed rate cut rose from 79.7% on March 5 to 87.3% on March 6. While rate cuts can boost demand for risk assets, rate cuts supporting an ailing economy may dampen risk sentiment.

Beyond the crypto market, US equity markets also struggled. The Nasdaq Composite Index plunged 2.61%, while the Dow and the S&P 500 fell 0.99% and 1.78%, respectively.

White House Crypto Summit in Focus

On Friday, March 7, the White House Crypto Summit will take place. Hopes for a Strategic Bitcoin Reserve (SBR) have faded, with the administration now proposing a broader Crypto Strategic Reserve Asset comprised of BTC, ETH, ADA, SOL, and XRP. It remains unclear whether Trump’s shift in strategy, similar to the flip-flopping on tariffs, will affect the Bitcoin Act’s progress in Congress.

The summit could outline the crypto allocations within the reserve and whether it will replace the original SBR plan.

In late 2024, Senator Cynthia Lummis introduced the Bitcoin Act, proposing that the US government acquire one million BTC over five years, with a 20-year mandatory holding period.

US Administration AI and Crypto Czar David Sacks criticized previous US government BTC sales, stating:

“Over the past decade, the federal government sold approximately 195,000 bitcoin for proceeds of $366 million. If the government had held the bitcoin, it would be worth over $17 billion today. That’s how much it has cost American taxpayers not to have a long-term strategy.”

The US government currently has a 198,109 BTC stockpile, equivalent to $17.91 billion.

Bitcoin Price Scenarios: Key Levels to Watch

BTC fell by 0.75% on March 6, partially reversing Wednesday’s 3.82% gain to close at $89,958. The US Jobs Report, tariff developments, and the Crypto Summit will influence BTC demand on March 7.

• US Jobs Report: Economists forecast average hourly earnings to rise 4.1% year-on-year in February, mirroring January’s rise, while expecting a steady 4.1% unemployment rate.
• Tariff Developments: A de-escalation in US tariff tensions could boost demand for risk assets. A softer tariff stance may limit the impact on import prices and inflation, potentially supporting a more dovish Fed rate path.
• Crypto Summit: Details on the US Crypto Strategic Reserve Asset will be crucial for near-term BTC price trends.

Potential price scenarios:

• Bearish: Rising trade tensions, strong US data, resistance to a Crypto Strategic Reserve Asset, and BTC-spot ETF outflows could drag BTC toward $80K.
• Bullish: Easing trade tensions, weaker US data, lawmaker support for a US Crypto Strategic Reserve (primarily BTC), and BTC-spot ETF inflows 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 impact Fed policy.
4. Crypto Strategic Reserve Asset: Multi-crypto reserve could accelerate institutional adoption.
5. BTC-Spot ETF Flows: Institutional demand remains a key driver for 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 sentiment.

Stay updated with our latest insights here.