Ripple News And Price Analysis: Court Denies Motion Against Ripple in Suit. Sunday, August 12
Important Ripple News
Court Denies Motion Against Ripple in Suit
In a suit filed against Ripple Labs LLC and its subsidiaries such as XRP on May 3 2018, the plaintiff, Ryan Coffey wanted to be compensated for the losses he incurred after investing in XRP the Ripple cryptocurrency.
According to Coffey, Ripple Labs had used extensive marketing campaigns to convince investors to purchase the token which he did but lost a good fraction of his investment when the value of the cryptocurrency dropped.
Coffey aside demanding financial compensation wanted the lawsuit to be made subject to Californian corporation code claiming that Ripple is not decentralized as the company claims.
The recent court ruling is on a remand filed by the plaintiff after the defendants removed the action according to the Class Action Fairness Act. In rejecting the plaintiff’s request, the court stated:
“Having read the papers filed by the parties and carefully considered their arguments and the relevant legal authority, and good cause appearing, the court hereby DENIES plaintiff’s motion,”
Apple Faces More Lawsuits that Ripple And still makes Massive Profit
The reports that Apple has intentionally slowed down older devices has made the lawsuits the company is facing stand at 60, yet the company’s current market capitalization stands at $1.01 trillion. Ripple Labs which is a different entity from XRP is facing 3 lawsuits and market watchers are of the opinion that it should not affect the value of the ripple token.
Ripple Trading At $0.30 As Coin Losses Continue
XRP is currently trading at $0.30 as a bearish trend is sustained in the coin market. The coin like most altcoins have shed substantial values since Bitcoin plunged following the SEC announcement that decisions over bitcoin ETF has been postponed.
The coin is presently deeply in the oversold territory and is down by 4.5 percent. The weak attempt at pullback is indicative that in the short term the direction will be southwards as buyers show little interest in buying at this time.
XRP/USD Price Chart, Sunday August 12th:
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