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Ripple CTO Confident That Lawyers Will Be Able To Quash Securities Lawsuit

Ripple had first filed the notice for motion on January 15, which tells the other side about the company’s earlier motion to dismiss the lawsuit.

The digital assets industry is no stranger to controversies and sometimes the sensational cases make up a majority of the headlines. One such scandal has come to the forefront again, this time involving Ripple. 

The Brad Garlinghouse led organization had been accused of running an illegal ICO earlier and now Ripple has taken the stance to go on the offense.

Ripple had first filed the notice for motion on January 15, which tells the other side about the company’s earlier motion to dismiss the lawsuit. The feud got so public that even Ripple Chief Technology Officer [CTO] David Schwartz gave his two cents on the issue. The popular computer scientist claimed that Ripple’s high profile lawyers will take care of the lawsuit with “their strong words”.

Ripple has chosen Kathleen R. Hartnett and Damien J. Marshall to head their case. Both the lawyers work at Boies Schiller Flexner LLP, the law firm founded by David Boies. David Boies has been involved in several high profile cases before and last made the limelight when he represented the US government in an anti-trust lawsuit against Microsoft.

Although both Ripple and its officials remain confident about tackling the lawsuit, the fact remains that the case may be tied up in paperwork for months to come. The lawsuit was first filed by Bradley Sostack on August 5 of last year. Sostack claimed that he had lost a lot of his savings because of Ripple’s founders.

In his original statement, he had said that had lost almost $118,100 worth of XRP assets. The reason why the lawsuit has been stuck in such a rut is because of the lack of clarity surrounding XRP: is it a security or a commodity. Heath Tarbert, the Chairman at the Securities and Exchange Commission [SEC] had said during an interview:

“Part of the issue is that our jurisdiction we share with the SEC. If it’s a security, it falls under their jurisdiction. If it’s a commodity, it falls under ours. So we’ve been working closely with the SEC over the last year or so to think about which falls in what box.”

One of the major concerns if Ripple fails is the avalanche effect it will have on XRP. The cryptocurrency has already been struggling to climb up on the price charts and news of this magnitude is sure to shake up the value even more. The value of XRP depends on its volume and market sentiment and at the moment neither are too stable.

At press time, XRP was trading for $0.26  with a total market cap of $10.33 billion. XRP’s 24-hour market volume was $1.667 billion after a 2.54 percent increase on the daily chart.

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Ripple News Today – XRP Community Suggests an XRP Token Burn To Boost Price

  • XRP burn needed to push XRP price upward
  • XRP Price Update –Is the surge to $0.30 in the short term attainable?
  • XRP/USD Price Update – Will XRP bulls retest the $0.30 before the end of February?

XRP all-time high – The bid to burn 25% of the token in circulation by the XRP community is as a result of the sustained sluggishness of the XRP market. XRP News Now – according to insight from a trader with the username DanRocky on Twitter, he plans to attain a surge in XRP price via this means. According to DanRocky, this plan came to him after the report of crypto company Bitrue on BTR token burning. XRP News Now – The Twitter post has ignited a hot discussion amidst members of the crypto community. Although, not everyone is on the same page with this suggestion.

Ripple News Today – Previously, the XRP token was able to surge one point higher and exceeded ETH. In addition to XRP price variance, according to a Twitter post, the centralization of the asset by Ripple will also decline after the coin burning event.

XRP Price Update –is the surge to $0.30 in the short term attainable?

XRP Price Prediction 2020 – Even with the fast growth of the crypto market, there has been some variance in the price movement which has kept the major 10 tokens in the bullish zone. XRP daily – LTC is the major gainer so far with its market price surging by almost 7% over the last day. Generally, XRP price has declined by about $0.10, with a market cap of $12 040 521 791.

XRP Price Prediction 2020 – Ripple XRP price Forecast 2020

XRP USD TradingView – XRP currently has a trading price of $0.2751, with a 24-hour trading volume of $2 927 099 042, and a 24-hour change of 3.36%. XRP all-time high – traders have so far continued to press and pressure the price of the XRP token to the lower zone of the mounting green channel. Though the support level at $0.266 was able to sustain the XRP/USD pair from declining to the $0.236 level.

XRP/USD Price Update – Will XRP bulls retest the $0.30 before the end of February?

XRP Prediction 2020 – due to the buying pressure from traders, the XRP price has been shoved back into the bullish zone and it is trying to reinstate the XRP/USD pair to the average price level during the day. XRP daily – Should the reinstatement of the resistance of the two-hour moving average fails, the XRP price will seek for support at the $0.28 level to consolidate.

XRP (XRP) Price Today – XRP / USD

#NamePrice24H %
3XRP(XRP)$0.27510.171%

XRP USD TradingView – on the upside, the price movement on the XRP token is less positive. Even though XRP price encountered some price corrections amidst its growth, a massive price decline is yet to be seen. Hence, the closest XRP price prediction 2020 is a decline to the liquidity level of around $0.25 level until the end of February.

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RIPPLE LAUNCHES NEW XRP FRAUD REPORTING PROCEDURE

The Rundown

  • FRAUD CAN BE REPORTED, BUT FUNDS NOT REVERSED
  • RIPPLE PUSHING TO BECOME LEADER IN FINANCIAL SPACE

The company has created a page on its website where foul-play can be reported. This move represents the increasing attempts by Ripple to establish itself as a key player in global finance.

FRAUD CAN BE REPORTED, BUT FUNDS NOT REVERSED

The reporting website gives consumers the ability to make the company aware of fraudulent behavior involving the XRP token. This behavior could include theft, scams, or unauthorized gateways/exchanges. 

The site makes clear that Ripple cannot reverse transactions, owing to the decentralized XRP ledger. Also, XRP users are not Ripple customers. Thus, an “unusual activity report” can be used to help identify and stop fraud, but not necessarily compensate victims.

Interestingly, Ripple encourages users to report “potential sanctions violations, money laundering, unauthorized transactions and/or other financial crime.” In other words, it calls on the Ripple community to self-police, and inform the company of possible illegal activity. This fact underscores the close relationship between Ripple and XRP use, and the company’s firm desire to prevent any foul play with the token.

RIPPLE PUSHING TO BECOME LEADER IN FINANCIAL SPACE

This move is the latest in a series by Ripple in its goal of becoming a key player in global finance. The company has long asserted that it has major plans for expansion. CEO Brad Garlinghouse recently compared the company to Amazon, and noted that moving forward it would explore other services beside cross-border fiat transfers.

Brad Garlinghouse Ripple CEO

To achieve its goals Ripple will need cooperation from regulators, politicians, and law enforcement on a scale yet to be seen in the blockchain sector. In this context, opening up a tool for fraud reporting, and demonstrating a strong willingness to fight crime, is a sensible move. 14 BTC & 30,000 Free Spins for every player, only in mBitcasino’s Crypto Love Affair! Play Now!

Importantly, Ripple has not drawn the ire of the leaders that it needs to win over. For example, unlike Facebook’s Libra, which has been met with a torrent of opposition from world leaders, Ripple has received almost none despite being just as disruptive. 

Ripple’s position is, however, controversial among crypto advocates. Many blockchain purists have long criticized the company for its willingness to work with banks and regulators, asserting that the technology is designed to replace these institutions, not compliment them. Ripple and its executives disagree, claiming that cryptocurrency can only achieve mainstream use if it cooperates and enhances the existing financial infrastructure. 

Regardless of what one thinks of Ripple’s vision, its success in the blockchain space is without dispute. It now counts over three hundred banks as partners, and experienced over 500% growth in the fourth quarter of last year alone. 

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Ripple Price Analysis: XRP/USD consolidates in a flag formation as price settles around $0.275

  • XRP/USD is hovering above the green Ichimoku cloud.
  • The SMA 50 is on course to cross over the SMA 200 curve.

XRP/USD daily chart

XRP/USD daily chart

XRP/USD dropped from $0.2745 to $0.273 as the price continued to consolidate in a flag formation and settle below the $0.275-level. XRP/USD is still hovering above the green Ichimoku cloud, while the SMA 20 is trending above the price. The MACD and Elliott Oscillator both indicate sustained bearish market sentiment, while the RSI is trending around the neutral zone. Interestingly, the SMA 50 is about to crossover the SMA 200, which could trigger massive bullish action in the near future.

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