In the past, there were already three charges against Ripple Labs stating that XRP was a security and that Ripple as a firm had a significant impact on the price. A big law firm while investigating Ripple Labs and the issue of XRP announced that there could now be a fourth indictment of ripple.
The company stated that it represents investors around the world, focusing on securities lawsuits and shareholder litigation. Furthermore, it says in the press release that it :
Prepared a class action lawsuit to recover the losses of buyers of Ripple’s XRP tokens.
Ripple and Ripple Labs have been sued 3 times in the past on the grounds that XRP is a security and subject to national securities laws.
- 05.2018: Taylor-Copeland Indictment in San Francisco against Ripple Labs Inc., XRPII LLC, and CEO Bradley Glaringhouse
- 06.2018 Indictment by Robbins Arroyo of San Mateo against Ripple Labs Inc., XRPII LLC, and CEO Bradley Glaringhouse
- 06.2018 Indictment by Robbiny Arroyo of San Mateo Ripple Labs Inc., XRPII LLC, and CEO Bradley Glaringhouse
We have already discussed in detail in the past in this article how decentralized Ripple actually is. Ripple had in the past too often stressed that the native cryptocurrency XRP exists and works independently of Ripple Labs:
When Ripple, the company, closes tomorrow, the XRP ledger will continue to work. It is an open-source, decentralized technology that exists independently of Ripple.
To this day, there is no clear decision as to whether XRP is a security and whether it should be legally classified and treated or not. The discussion could be rekindled with this indictment of Ripple. Recently, Secretary of the Treasury Secretary William Hinman said Bitcoin and Ethereum are not securities, but he did not say a word about Ripple and XRP.
The price of ripple recorded a price gain of over the last 24 hours as + 1.93 percent for the time of writing (08:15) at a price of 0.36 USD per XRP. With a market capitalization of just under 14.093 billion USD ripple continues to occupy 3rd place in the largest cryptocurrencies worldwide.