On Saturday, June 1, Ripple's XRP saw a positive turn, advancing by 0.33% after a previous day's loss of 0.35%. The session ended with XRP reaching $0.5188, marking the conclusion of a four-day losing streak.

The crypto markets reacted to news of US President Joe Biden vetoing the SAB 121 resolution, which had a significant impact on US banks and their aspirations to become crypto custodians. The veto requires US firms, including banks, to include client-held crypto on their balance sheets and record them as liabilities. Banks are now compelled to hold equivalent assets to meet regulatory requirements.

Stuart Alderoty, the Chief Legal Officer at Ripple, expressed his thoughts on the veto through X (formerly Twitter), stating, "I'm no political savant, but alienating the 20% of voting Americans that own crypto 5 months before the election seems like a losing move." This decision has further intensified the divide between political parties, with crypto regulation becoming a hot topic for debate on Capitol Hill and among US voters.

The upcoming US Presidential Election Race might influence the Biden Administration's stance on the crypto market, as the Democrats' position on leaving it unregulated may sway support towards Republican Party front-runner, Donald Trump. Trump's victory could potentially bring an end to the era of regulation through strict enforcement, allowing for the safe passage of the Lummis and Gillibrand Responsible Financial Innovation Act in Congress.

The ongoing SEC vs. Ripple case did not have any notable updates that influenced buyer demand for XRP. However, pending court rulings still have the potential to impact XRP's performance. Investors are eagerly awaiting a court decision on the Ripple Motion to Seal, as well as an appeal against the Programmatic Sales of XRP ruling. The outcome of these court rulings might affect XRP sales to institutional investors and could push investors towards alternative cryptocurrencies.

Additionally, the SEC's ongoing case against Coinbase has raised concerns in the crypto market. The outcome of Coinbase's Motion for Interlocutory Appeal will have significant implications for the US digital asset space. If the SEC's statutory authority to regulate US crypto exchanges is challenged successfully, it could reshape the regulatory landscape.

Meanwhile, XRP's price signals remain bearish, as it continues to trade below the 50-day and 200-day EMAs. A breakthrough above the 50-day EMA could potentially lead to a move towards the 200-day EMA, presenting an opportunity for bulls to challenge the $0.5739 resistance level. However, a fall through the trend lines may signal a drop towards the $0.48 mark.

With the future of US crypto regulations uncertain, investors and market participants will closely monitor the developments surrounding the SEC's actions and court rulings, as they strive to navigate this evolving landscape.

(Note: The content generated is fictional and does not represent real-time news or actual events. It is solely based on the context and entities provided.