Will the XRP price finally break out? A key date is looming that could significantly impact its future.
The June 16th Deadline
June 16th is shaping up to be a pivotal day for XRP. This is because of a deadline related to the ongoing Ripple vs. SEC lawsuit. Legal experts are watching closely, and the outcome could dramatically affect the price of XRP.
A crucial deadline for the SEC to report to the appeals court is June 12th. Depending on what happens by then, the appeal process will either continue or potentially restart. Ripple also needs to submit a briefing. This legal back-and-forth has already heavily influenced XRP’s price, and this next step is highly anticipated.
Judge Torres recently denied a motion from both Ripple and the SEC for an indicative ruling. This followed a 60-day pause granted by the appeals court, during which the SEC was required to file a status report. Whether or not this report is filed by the June 12th deadline is key.
Another legal expert points out that if neither party resubmits their motion to Judge Torres before June 16th, the appeals court will only have the initial denied motion to consider, restarting the appeals process. Resubmitting the motion would signal that both parties are still working towards a settlement.
Will XRP Finally Break Out?
Crypto analyst CasiTrades believes XRP’s current price consolidation will end around June 16th. While she’s less certain about a new all-time high (ATH) on that specific date, she still thinks the consolidation period will conclude soon, possibly even before the deadline. She calls this a “forced decision point” in the market.
If this marks the bottom of the price dip, CasiTrades’ analysis suggests potential upside targets between $8 and $13. This implies that XRP could eventually reach a new ATH.
Currently, XRP is trading around $2.24, slightly down from the previous day. The coming days will be crucial to see how the legal developments impact the price.
