If you are using PeMicro debugger (that is part of CodeWarrior) it work as is, because initialization script
mpc5500_vle.mac
or
mpc5500_booke.mac
has already initialized EBI.
CodeWarrior stationery also has EBI initialization code in file MPC5554_HWInit.c. AT default only internal flash calls that initialization.
Also you have to modify the code at the beginning of the file from NO_EXTERNAL_MEMORY to MPC5554DEMO_AXM_0321:
/* Used board */
//#define INIT_USED_BOARD NO_EXTERNAL_MEMORY
#define INIT_USED_BOARD MPC5554DEMO_AXM_0321
And check SRAM_SEL jumper whether you selected the right chip select.
SRAM is mapped from address 0x2000_0000.
Let me know if further assistance is needed.