Ripple News and Price Overview: Ripple Could be Getting More Popular Even With Lower Prices. Sunday, July 8
Important Ripple Cryptocurrency News
Ripple Undergoes Another Class-Action Lawsuit
Ripple Labs, the company behind XRP has been sued three times this year. These class-action lawsuits are from investors who have lost money when the price of the digital currency tumbled. The recent suit filed in the Superior Court of the State of California in San Mateo County, claims that Ripple sold an unregistered security.
Davis Oconer, the plaintiff is demanding that Ripple be classified a security. He sought redress for the losses he incurred for investing in the XRP token.
“This is a securities class action on behalf of all California purchasers of Ripple tokens (“XRP”), brought against Ripple, XRP II, and the Chief Executive Officer (“CEO”) of the company, Bradley Garlinghouse (“Garlinghouse”), who promoted, sold and solicited the sale of XRP. Defendants raised hundreds of millions of dollars through the unregistered sales of XRP, including selling to retail investors, in violation of the law,” the charge stated.
Ripple Could be Getting More Popular Even With Lower Prices
XRP is one of the coins that have shown stability in their prices at a time coin prices have fluctuated widely. The coin is presently changing hands slightly above $0.480 with a market cap of $19 billion. The coin has continued to hold the third place in the coin market despite low prices because it is one of the coins that have gained attraction and popularity due to its utility.
It is possible that low prices is one of the merits people consider while using a coin as a means to transfer value. Another reason is that the Ripple lab’s XRP is one of the better known centralized coins, thereby inspiring confidence in users who are aware of the company’s reputation and their awareness of the need to avoid betrayal of trust.
XRP has continually gained attention of banks as a fast and cheap means of payment due to its low transaction fees: this is a consequence of low coin price.
XRP/USD Price Chart, Sunday July 8th:
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