June 16 has emerged as a crucial date for the XRP price and could determine the altcoin’s future trajectory. This is based on an upcoming deadline related to the Ripple SEC lawsuit. Crypto analyst CasiTrades has highlighted the date as being important from a technical perspective, with XRP potentially hitting a new ATH on this move.
Why June 16 Is Important For The XRP Price
In an X post, legal expert Bill Morgan revealed that the US Securities and Exchange Commission (SEC) must report to the Appeal Court by June 12. Morgan added that something has to happen by then or the appeal and cross-appeal continue, with a briefing due from Ripple. This is significant for the XRP price, considering the impact the lawsuit has had on the altcoin so far.
The latest in the XRP lawsuit is Judge Torres’ denial of Ripple and the SEC’s motion for an indicative ruling. Before both parties filed the motion, they had requested a pause from the Appeal Court, which was granted for 60 days. However, the SEC was required to file a status report at the end of the 60 days. With the deadline coming up on June 12, this could mark a decisive moment for the XRP price.
Legal expert Fred Rispoli also commented on the upcoming deadline. He noted that both parties have yet to refile the motion before Judge Torres ahead of the June 16 deadline for a status report. The lawyer expects the refile to happen before the deadline. However, if there is nothing pending before Judge Torres before June 16, then the Appeal Court only has the denial of the first motion. This would ultimately lead to a restart of the Appellate case.
A refiling of the motion before Judge Torres would be a positive for the XRP price, as it would indicate that Ripple and the SEC still want to push for the settlement agreement. On the other hand, a continuation of the appeal case would be bearish as it would further extend the long-running lawsuit.
The Altcoin’s Consolidation Could End On The Deadline Date
In an X post, crypto analyst CasiTrades stated that the XRP price consolidation will come to a close on June 16. She had earlier suggested that the altcoin could hit a new all-time high (ATH) on that day, but seems less confident in that happening now. However, she still believes that the consolidation could end by the deadline date or even before then.
CasiTrades declared that this is what they call the forced decision point in the market. Meanwhile, if this marks the bottom for the price, the analyst stated that the measured extensions project upside targets that align in the $8 to $13 macro zone. This indicates that the altcoin will eventually reach a new ATH.
At the time of writing, the XRP price is trading at around $2.24, down almost 2% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Getty Images, chart from Tradingview.com
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