Why June 16 Is Such an Important Date?

TL;DR

• Ripple and the SEC face a key deadline as the lawsuit drags on without resolution.

• The battle’s outcome is unlikely to cause any substantial volatility for XRP as the price now hinges on potential ETF approvals and Ripple’s business expansions.

Ripple and the SEC Remain Silent

It has been almost three months since Ripple’s CEO, Brad Garlinghouse, dropped the bomb, stating that the US Securities and Exchange Commission (SEC) would dismiss its case against the company. Despite the numerous developments that have occurred since then, however, the lawsuit has yet to reach its official conclusion.

Earlier this week, the American attorney Fred Rispoli noted that “the status update in the 2nd Circuit looms large,” and Ripple and the SEC have not moved forward with the necessary refiling. 

Recall that the two sides previously agreed that the company would pay a $50 million penalty for violating certain laws (instead of the previously ruled $125 million), which would mark the end of the legal battle. However, Judge Analisa Torres denied the motion, asserting that the parties failed to file it properly under Rule 60.

Rispoli said the deadline for that is June 16, expecting the entities to abide by the rules by then. In case they don’t, the lawyer believes the magistrates could restart the briefing process and push it for another 60 days. He described Torres’ ruling as “clear” and claimed that Ripple and the SEC “need to beg for forgiveness.”

“Ripple will say whatever to get it done, but how much public groveling is the SEC willing to do? And how much groveling will be authorized? We have 12 days to find out,” Rispoli concluded.

It is worth noting that the attorney provided the update on June 4, with no major progress on the Ripple v. SEC front since then.

Other industry participants who think the following days could be crucial for the case are Bill Morgan and the X user Levi. The former argued that something has to happen by June 16, or the appeal and cross-appeal will continue. For his part, Levi predicted that the date would mark the lawsuit’s official end. 

Possible Impact for XRP?

The developments surrounding the case were among the main factors triggering substantial volatility for Ripple’s native token over the past several years. Since Garlinghouse’s announcement in March, though, the lawsuit has been largely priced into XRP’s valuation.

Looking ahead, future price movements for the asset may depend on elements such as the approval of XRP ETFs or Ripple’s further advancement and possible collaborations.

Nearly a dozen well-known companies have announced their intentions to introduce the first spot XRP exchange-traded fund in the USA, with Grayscale, 21Shares, WisdomTree, and Franklin Templeton being among the examples. 

Such a product will give investors an additional option to gain exposure to the asset, with many analysts viewing the potential launch as a catalyst for a price rally. According to Polymarket, the odds of approval before the end of 2025 stand at approximately 94%.

Speaking of collaborations, it is worth mentioning that in April, Ripple acquired the prime broker Hidden Road for a whopping $1.25 billion. There was also rising speculation that the company was willing to purchase the stablecoin issuer Circle for more than $10 billion, but Garlinghouse recently rejected the rumors. 

Meanwhile, XRP currently trades at around $2.15, representing a 12% decline over the past two weeks.