XRP News Today: Garlinghouse Heads to DC as GENIUS Act Vote Looms; BTC at $105k

Pro-Crypto Senator Lummis Not So Pro XRP

The SEC vs. Ripple case took a backseat on Monday, May 19, as investors shifted focus to the crucial Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act vote. While the bill relates to stablecoins, the outcome of the vote could prove significant for XRP and the broader crypto market. Pro-crypto lawyers believed that if the GENIUS Act failed, it could shelve all other crypto legislation until 2029, potentially adversely impacting the crypto market.

Ripple CEO Brad Garlinghouse shared news of a trip to Capitol Hill to champion pro-crypto legislation, stating:

“Heading to DC to champion sensible pro-crypto legislation around stablecoins and market structure, and I’m very encouraged to see our elected officials look at crypto as it should be – a multichain industry.”

However, not all lawmakers were welcoming. Garlinghouse remarked:

“That said, Senator Cynthia Lummis, as Chair of the Digital Assets Subcommittee, canceled a meeting with me (and won’t reschedule). As a leader in Congress and Senator from one of the most crypto-friendly states (WY), I hope you will reconsider and be a leader for ALL of crypto.”

Senator Lummis’ pro-Bitcoin stance didn’t go unnoticed. Pro-crypto lawyer Bill Morgan commented:

“I posted many warnings about Senator Lummis. Some of her comments put her alongside some of the worst Bitcoin maxis around. She is a champion of Bitcoin exceptionalism not a level playing field.”

Senator Lummis’ influential position on Capitol Hill could derail any lingering hopes of XRP becoming a US strategic reserve asset. In January, XRP climbed to a high of $3.3999 based on speculation that it would become a strategic reserve asset and hopes for an end to the Ripple case.

XRP Price Outlook: Focus on Legal Developments

XRP fell 2.01% on Monday, May 19, partially reversing Sunday’s 3.18% gain to close at $2.3803. The token underperformed the broader market, which dropped 0.86% to a total crypto market cap of $3.28 trillion.

XRP’s near-term price outlook hinges on US crypto legislation, future court filings, court rulings, and sentiment toward an XRP-spot ETF market.

Technical support sits at $2.3. A break above the May 12 high of $2.6553 could signal a move toward $3.00, with the potential to reach the record high of $3.5505.

For a deeper dive, see our full XRP forecast here.

Bitcoin Dips Ahead of Crucial GENIUS Act Vote

Bitcoin (BTC) joined XRP and the broader market in negative territory on May 19. Investor caution about the GENIUS Act vote overshadowed the effect of net inflows into the US BTC-spot ETF market, typically bullish for BTC price trends.

According to Farside Investors, US BTC-spot ETF issuers could potentially extend the inflow streak to four sessions on May 19. Key inflow trends included:

• Fidelity Wise Origin Bitcoin Fund (FBTC) saw net inflows of $188.1 million.
• ARK 21Shares Bitcoin ETF (ARKB) reported net outflows of $155.3 million.

Excluding BlackRock’s (BLK) pending iShares Bitcoin Trust (IBIT) data, the US BTC-spot ETF market saw total inflows of $361.5 million. IBIT remains the key player in the BTC-spot ETF market. Bloomberg Intelligence Senior ETF Analyst Eric Balchunas commented:

“Also notable leaderboard action: IBIT has climbed up to 6th spot and is now nearly double the inflow into SPDR Gold Trust (GLD) which has slid to 17th, despite gold doubling bitcoin’s performance YTD altho that prob won’t last.”

IBIT had net inflows of $8,304.48 million year-to-date compared with inflows of $4,418.36 million into GLD.

BTC Price Outlook: Monitor Capitol Hill and ETF Trends

BTC fell 0.85% on May 19, partially reversing Sunday’s 3.14% rally to close at $105,573.

BTC’s short-term outlook depends on several key drivers: the GENIUS Act vote, US-China trade developments, macroeconomic data, and ETF inflows or outflows.

Potential scenarios:

• Bearish Scenario: Rising US-China tensions, a failed GENIUS Act vote, US recession fears, and ETF outflows. Bearish sentiment could send BTC toward $90,000.
• Bullish Scenario: Easing trade friction, positive US economic data, GENIUS Act passes in Congress, and ETF inflows. Bullish sentiment could drive BTC above the record high of $109,312.

What to Watch

Investors should closely watch the Ripple case, legislative developments, and macroeconomic indicators. These will likely influence investor appetite and determine whether XRP and BTC can resume their bullish trends.

Read analysts’ insights on what could drive cryptocurrencies to new highs.