Critical Developments for XRP Price: June 16 and Its Potential Impact
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Significance of June 16 for XRP Price Movement
June 16 has emerged as a pivotal date for the future trajectory of XRP’s price, primarily due to a significant deadline associated with the ongoing Ripple SEC lawsuit. According to the renowned crypto analyst, CasiTrades, this date holds substantial importance from a technical viewpoint, suggesting that XRP might achieve a new all-time high during this period.
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Legal Developments and Their Impact on XRP
In a recent post, legal expert Bill Morgan shed light on the upcoming deadline, stating that the U.S. Securities and Exchange Commission (SEC) is required to report to the Appeal Court by June 12. He emphasized that this date is crucial as it could influence whether the appeal and cross-appeal processes will continue, alongside a briefing expected from Ripple. Given the lawsuit’s considerable impact on XRP so far, this deadline is highly significant for the altcoin’s price.
In the latest developments, Judge Torres denied both Ripple and the SEC’s motion for an indicative ruling. Prior to this, both parties had requested a 60-day pause from the Appeal Court. The SEC, however, must file a status report at the end of these 60 days. With the deadline approaching on June 12, this period is poised to be a decisive moment for XRP’s price.
Expert Opinions on the Approaching Deadline
Legal expert Fred Rispoli offered insights into the upcoming deadline. He noted that neither party had refiled the motion before Judge Torres ahead of the June 16 deadline. Rispoli anticipates that a refiling will occur before this deadline. If no action is taken, the Appeal Court will only have the denial of the initial motion, potentially leading to a restart of the Appellate case.
A refiling before Judge Torres would likely have a favorable impact on XRP’s price, as it would signal ongoing efforts by Ripple and the SEC to reach a settlement. Conversely, continuing the appeal case could negatively affect XRP by prolonging the legal battle.
Potential Conclusion of XRP Price Consolidation
Crypto analyst CasiTrades has indicated that XRP’s current price consolidation could conclude by June 16. Although she initially suggested that the altcoin might reach a new all-time high on this date, her confidence in this outcome has waned. Nevertheless, she remains optimistic that the consolidation could end by or even before the deadline.
CasiTrades referred to this situation as a “forced decision point” in the market. If this period signifies a bottom for XRP’s price, she predicts upside targets in the $8 to $13 macro zone. This projection suggests that the altcoin is likely to achieve a new all-time high eventually.
At present, XRP is trading at approximately $2.24, experiencing a near 2% decline over the last 24 hours, according to CoinMarketCap data.
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