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June 16 has become a pivotal date for the XRP value and may influence the altcoin’s forthcoming path. This is due to an impending deadline associated with the Ripple SEC lawsuit. Cryptocurrency analyst CasiTrades has emphasized the date as significant from a technical standpoint, with XRP possibly reaching a new ATH on this movement.
Significance of June 16 for XRP Valuation
In an X post, legal authority Bill Morgan disclosed that the US Securities and Exchange Commission (SEC) needs to report to the Appeal Court by June 12. Morgan added that something must occur by that time or the appeal and cross-appeal persist, with a briefing expected from Ripple. This is crucial for the XRP value, given the impact the lawsuit has had on the altcoin thus far.
The most recent development in the XRP lawsuit is Judge Torres’ rejection of Ripple and the SEC’s petition for an indicative ruling. Prior to both entities filing the motion, they had sought a pause from the Appeal Court, which was granted for 60 days. However, the SEC was obligated to submit a status report at the conclusion of those 60 days. With the deadline approaching on June 12, this could signify a pivotal moment for the XRP valuation.
Legal authority Fred Rispoli also remarked on the imminent deadline. He mentioned that both parties have not yet refiled the motion before Judge Torres in advance of the June 16 deadline for a status report. The attorney anticipates the refile occurring before the deadline. However, if nothing is pending before Judge Torres prior to June 16, then the Appeal Court will only have the denial of the initial motion. This would inevitably result in a restart of the Appellate case.
A refiling of the petition before Judge Torres would be beneficial for the XRP valuation, as it would suggest that Ripple and the SEC are still interested in pursuing the settlement agreement. Conversely, a continuation of the appeal case would be negative as it would further prolong the ongoing lawsuit.
The Altcoin’s Consolidation Might Conclude On the Deadline Date
In an X post, cryptocurrency analyst CasiTrades indicated that the XRP price consolidation would conclude on June 16. Earlier, she had posited that the altcoin could achieve a new all-time high (ATH) on that day, but now seems less certain about that occurring. Nevertheless, she continues to believe that the consolidation could cease by the deadline date or even sooner.
CasiTrades proclaimed that this represents what they call the forced decision point in the market. Meanwhile, if this signifies the floor for the value, the analyst noted that the measured extensions project upward targets that align within the $8 to $13 macro zone. This suggests that the altcoin is likely to eventually attain a new ATH.
At the moment of this writing, the XRP price is around $2.24, down nearly 2% over the past 24 hours, as per data from CoinMarketCap.
Featured image from Getty Images, chart from Tradingview.com
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