The most contentious question of whether it is native cryptocurrency XRP is a security has been occupying the community since quite a sometime. So far, there have been three charges in the US alleging that Ripple Labs is impacting XRP pricing. An allegation was dismissed a few days ago by a court.
The allegation which has been made so far is that XRP is a security and therefore, it should have been filed and treated in the same way. So far, the following charges have been filed with the courts of law:
- 05.2018: Taylor-Copelandindictment in San Francisco against Ripple Labs Inc., XRPII LLC and CEO Bradley Glaringhouse
- 06.2018: Indictment by Robbins Arroyo ofSan Mateo against Ripple Labs Inc., XRPII LLC and CEO Bradley Glaringhouse
- 06.2018: Indictment by Robbiny Arroyo ofSan Mateo Ripple Labs Inc., XRPII LLC and CEO Bradley Glaringhouse
The indictment of May 3, 2018, filed by Ryan Coffey, was rejected on 10/08/2018 by a Northern California court. Coffey sought compensation for financial losses incurred by investing in XRP. The lawsuit was based on the premise that it could consciously influence the value of XRP through its own media network. The exact case law can be found in this report.
As we reported earlier, the law firm Rosen is gathering information to prepare a class action lawsuit against the Labs. This would be the fourth indictment directly against Ripple Labs Inc and CEO Brad Garlinghouse.
The court’s ruling could be ground-breaking for Ripple, as further court hearings will follow. Whether the existing indictments are going to be repealed, remains to be seen for now.
The price of Ripple (XRP) recorded at the time of writing a minimal decline of – 1.87 percent to a price of 0.30 USD. With a market capitalization of just under USD 11.88 billion, it ranks third amongst the largest cryptocurrencies in the world.