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Since the end of 2020, XRP Coin investors have been following the lawsuit filed by the SEC. We have learned many things about the US judicial system during this lawsuit process, such as Amicus Curiae briefs, discoveries, summary judgments, and much more. Is the lawsuit over? It is still not over and is not expected to end soon. So, what did Ripple executives say?
Ripple Lawsuit
Today, Ripple’s CEO and CLO made some statements. They sat down to clarify misunderstandings about the decision made by a judge in California regarding the class action lawsuit filed for XRP Coin. Ripple’s CEO wrote about the details of the event, which was largely misrepresented in the media, and what actually happened:
“As many have noticed and some have previously pointed out, there have been numerous misleading and some outright incorrect headlines explaining the decision made yesterday by a California judge in the class action lawsuit related to XRP.
To be absolutely clear, this is a significant win – all class action claims in the lawsuit have been DISMISSED and nothing in the decision changes or negates the fact that XRP is not a security on its own (according to the NY Court decision). The CA decision rejected all claims that Ripple violated federal securities law by selling XRP.
As for the only state law claim that will now go to trial: the sole plaintiff did not purchase XRP directly from Ripple and cannot even say if they heard the disclosure before transacting, and they only owned a few hundred XRP. This was a clear example of trolls trying to exploit the US legal system and distort statements to demand hundreds of millions in class action settlements, which ended in failure.”
Ripple’s Chief Legal Officer Stuart Alderoty said the following:
“To be clear – the CA judge dismissed all claims suggesting that Ripple violated federal securities law. The NY decision that XRP is not a security remains intact. A state law claim based on a 2017 disclosure is going to court. The plaintiff, who did not purchase directly from Ripple and cannot even say if they heard the disclosure before trading, claims to have lost a few hundred dollars.”
XRP Coin Commentary
The lawsuit has definitely had terrible results for XRP Coin in terms of price. The circulating supply of XRP Coin has multiplied over the years, making it increasingly unlikely to reach its all-time high from years ago. Now, to hit the $3 target, it needs to achieve a market value of over $300 billion. Considering that the total market value of all cryptocurrencies today is just over $2 trillion, even $3 is not an easy target.
At the time of writing, XRP Coin is lingering at the $0.48 support level. Ripple has announced that it will take some steps this year to build its ecosystem, but time will tell how this will affect the price.
