Ripple’s legal proceedings have been relatively quiet of late, we can only expect that this is as a result of Ripple’s legal representatives paying heavy attention to PR and to damage control surrounding the XRP security saga.
To refresh your memory, as it stands, Ripple are involved in a number of lawsuits that accuse the company of issuing an unregistered security in XRP. This is on the premise that Ripple own a chunk of XRP tokens. This notion is one of the issues that Ripple are currently facing with regards to the growth of XRP and indeed, with regards to XRP seeing large listings on exchanges such as Coinbase.
The cryptocurrency community is split about this, many believe that XRP should be classed as a security – something that could have a dramatic impact on XRP and Ripple, whilst others believe that this is actually just an attack on Ripple and that XRP does not host any of the characteristics of a security.
According to reports, Rosen Law Firm are the next company to follow up legal proceedings against Ripple Labs. The company have issued a press release which highlights some of the firms justifications and targets within their preparation of this lawsuit. According to the official press release:
“Rosen Law Firm, a global investor rights law firm, announces it is investigating whether Ripple Labs, Inc. violated federal securities laws in connection with the sale of Ripple’s XRP tokens. Rosen Law Firm is preparing a class action lawsuit to recover losses suffered by purchasers of Ripple’s XRP tokens. If you purchased Ripple’s XRP tokens, please visit the firm’s website to join the class action. You may also contact Phillip Kim or Zachary Halper of Rosen Law Firm toll free at 866-767-3653 or via email at [email protected] or [email protected].”
“Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013.”
You can see the full statement on the Rosen Legal website, here.
This is bad news for Ripple and even worse news for XRP. The more lawsuits and the more actions that get taken out against Ripple and XRP, the harder it is going to be for Ripple to actually win this case. So long as these actions are active, XRP won’t see any significant new exchange listings, nor is it likely to see any dramatic price gains, instead, XRP is just being left to stagnante in what seems to be an already poor market.
At the time of writing, XRP is valued at $0.341, down 3.08%, way down from its ATH of $3.84, edging ever closer to its average bottom, nearing $0.15.