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Ripple Seeks for Court to Drop the XRP Securities Legal Suit, Claiming It Has ‘Expired’

  • Yuri Molchan
    📰 News

    The crypto behemoth Ripple asks the court to dismiss the legal complaint that states XRP is a security sold to unaware investors illegally

Ripple Seeks for Court to Drop the XRP Securities Legal Suit, Claiming It Has ‘Expired’
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Ripple keeps struggling against the legal action brought up in 2018, stating that XRP is allegedly nothing more than unregistered security. Now, Fortune magazine reports that the crypto giant has addressed a federal court with a plea to dismiss the class action lawsuit against it.

The charges against Ripple were pressed by unhappy investors last year who demanded compensation for unspecified damages.

This case is crucial since it may solve the ongoing issue regarding numerous crypto coins that may, in reality, turn digital securities rather than a brand new type of an asset and thus expose many DLT companies in a bad light.

Ripple says the legal suit is ‘expired’

When asking the court to drop the complaint, Ripple makes only a brief mention of XRP’s legal status, saying that the regulators have already examined XRP and found it to be a commodity, not security.

The company’s major argument is that the legal case was submitted too late. Ripple quotes a law that dismisses companies from any legal complaints in court after three years pass since the first token sale.

As per Ripple, the legal suit has to be dropped since the first XRP sale took place in 2013.

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Buying XRP from secondary market does not count, says Ripple

Another argument from the Ripple’s legal team is that the investors who pressed charges initially purchased XRP from the secondary market and not directly from Ripple, the emitter. 

Besides, citing Ripple’s legal documentation, Fortune says that since the lawsuit was initiated in California, the local consumer laws it is based on do not work when it comes to federal laws on securities.

Regulators voice their verdict on BTC, ETH, XRP

Recently, the major US regulator SEC stated that it does not consider the two major crypto coins, BTC and ETH, to be securities. As for XRP and other assets, the situation here remains unclear.

However, last month, British financial regulatory agencies said that XRP should not be considered a security.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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Bitcoin Price Likely to Decline to $7,800: Crypto Analyst

  • Yuri Molchan
    📰 News

    Bitcoin is to find support at $7,800 or recover to $8,300, an analyst writes, but either way ‘continuation of the ranging on either of the levels is going to occur’

Bitcoin Price Likely to Decline to $7,800: Crypto Analyst
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Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Over the last few days, Bitcoin has been trading below the $8,500 area. At the moment, it has recovered to $8,258 after the recent slip below the $8,100 level.

Analysts have been bullish on BTC in the long run, however, the nearest BTC price movements are expected to be bearish.

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The crypto analyst @CryptoMichNL believes that there are two paths ahead of Bitcoin at the moment. If it fails to recover to $8,300, he says on his Twitter page, then the market should be ready for the flagship coin to drop and find support at the $7,800 or $7,300 levels.

Whichever way it goes, ‘continuation of the ranging on either of the levels is going to occur’.

The analyst tweeted this forecast twice with an hour pause.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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