- Two Fraud Allegation Lawsuits Against Ripple Have Been Dismissed by US Judges
- Class Action Lawsuit That Was Filed Against Ripple Since in 2018 is Still in Play
- Ripple is Still Making Expansion Progress Despite Class Action Lawsuit
Ripple News Today – It’s no longer news that Ripple has been subjected to legal action by unsatisfied XRP holders and groups. Many of these people claim that Ripple is corrupt, sells unregistered securities (XRP) and the company’s executives are only interested in enriching themselves. Some of the suits against Ripple were filed as far back as 2018. The United States District Court for the Northern District of California recently thrown out some of the fraud accusations against Ripple. While the smaller charges were dismissed, the most prominent one still stands.
Ripple News Today – Ripple’s Class Action Lawsuit Is Still in Play
In 2018, Vladi Zakinov teamed up with some other Ripple users to file a class-action lawsuit against Ripple. As stated in our Ripple news at the time, Ripple was accused of violating sections 17500 and 17200 of the California Business and Profession Code. In response to the lawsuit, Brad Garlinghouse said that they are not in violation of any state laws and the XRP token has the potential for greatness. He said that Ripple has what it takes to solve real-world problems in the financial sector and it can become more valuable than gold.
“I’m long XRP, I’m very, very long XRP as a percentage of my balance sheet. . . . . [I am] not long on some of the other [digital] assets because it is not clear to me what’s the real utility, what problem are they solving . . . if you’re solving a real problem, if it’s a scaled problem, then I think you have a huge opportunity to continue to grow that. We have been fortunate obviously, I remain very, very, very long XRP, there is an expression in the industry HODL, instead of hold, it’s HODL . . . I’m on the HODL side.”
The court ruled that the class action case against Ripple will proceed because Brad Garlinghouse misunderstood the character and scope of his XRP holdings. The court also granted the plaintiff the right to make new charges against Ripple including their alleged sale of unregistered securities. It’s not clear how things will unfold but Ripple is still making progress despite the class action lawsuit. More companies are joining RippleNet and the new XRP Ledger Foundation is working day and night to improve the ecosystem. The only major challenge the company is facing is the ever-declining price of the XRP token. At the time of writing, the price of the XRP token was $0.245227. It is up by 4.61% against the USD and up by 4.09% against Bitcoin BTC. The trading volume over a 24 hour period was $1,648,119,298 and the market capitalization was $11,075,033,776.