XRP News Today: Ripple Faces Political Pressure, BTC Holds Firm Near $94K

XRP continued its decline on May 5, falling 1.27% to $2.1319 as crypto market participants digested a mix of political headwinds and legal uncertainty. This drop followed Sunday’s 1.32% loss, underperforming the broader market’s 0.39% gain, which lifted the total crypto market cap to $2.9 trillion.

Anti-Crypto Rhetoric Weighs on XRP

Investors remain cautious as the SEC prepares for a closed meeting that may include discussions on the agency’s ongoing legal battle with Ripple. The market is particularly focused on whether the SEC will move to withdraw its appeal against Judge Torres’ ruling that XRP programmatic sales were not securities.

Sentiment was further dampened by renewed criticism from Senator Elizabeth Warren, who warned against passing a bipartisan stablecoin bill, citing concerns over crypto corruption. In contrast, President Trump reiterated his support for cryptocurrencies, backing the Bitcoin Act, which aims to see the U.S. acquire 1 million BTC over five years.

Ripple’s Chief Legal Officer called out Senator Warren’s stance, accusing her of politicizing consumer protection to attack digital assets.

XRP Technical Outlook

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Bitcoin (BTC) Holds Above $94K Despite Macro Pressures

Bitcoin (BTC) rose 0.41% on May 5 to $94,774, recovering from a session low of $93,639. The market reacted to better-than-expected U.S. ISM Services PMI data, which rose to 51.6 in April from 50.8, while the Prices Index jumped to 65.1, tempering rate-cut hopes.

Despite economic data that suggests a less dovish Fed, demand for BTC remained strong, bolstered by MicroStrategy’s latest purchase of 1,895 BTC worth $180.3 million. This brings their total holdings to 555,450 BTC.

ETF Flows Support BTC

BTC-spot ETFs continued to post positive net inflows, totaling $1.8 billion for the week ending May 2. BlackRock’s IBIT saw $2.48 billion in inflows, reinforcing institutional interest in Bitcoin.

BTC Technical Forecast

Bitcoin trades above both the 50-day and 200-day EMAs, maintaining bullish momentum. Key levels to watch include:

• Resistance: $97,997 (May 2 high), $100,000 psychological level
• Support: $95,000, followed by $90,742 and $86,263

The 14-day RSI at 66.43 suggests more upside before BTC enters overbought territory.

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Key Catalysts to Watch This Week:

• Ripple case developments and potential SEC withdrawal of appeal
• Progress on the Bitcoin Act
• ETF market flow trends
• U.S. macroeconomic data and Fed commentary

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