Ripple Labs, the team behind Ripple and of course, XRP have made way in their legal battle after reports suggest they have won one of the court cases that is currently forcing Ripple and XRP into a temporary hibernation. As it stands, Ripple are facing a number of lawsuits for dealing XRP as an unregistered security, although as it stands, XRP is not legally classed as a security, the distinction is difficult to make and thus, the legal proceedings are taking a little while to materialise.Ripple have taken steps to improve the status of their currency, a recent rebrand to ‘XRP’ being one such step, other moves include swift moves towards a better decentralisation of the XRP network and of course, constant justification that XRP is not a security.Either way, according to Nasdaq, the first of these cases is now settled, in Ripple’s favour too:
“XRP finally saw some bullish movements early during Wednesday’s Asian session, hours after it won a court case in the US. The company behind the world’s third-largest cryptocurrency scored a small victory in its ongoing legal defense on Tuesday when the Northern District of California ruled to deny a motion to remand against it. All of the suits against Ripple, the company, share a similar complaint, and that is that the company worked to increase its XRP token’s value. Meanwhile, Ripple insists that Ripple that company and Ripple’s token, XRP, are independent and two different things.”
See more for yourself, here.Is this a clean slate for Ripple?Indeed, since the remaining cases are all of a similar nature, this indicates that the rest of the cases will swing in Ripple’s favour. Though, this was always expected. Once the rest of the cases are settled, Ripple will finally be able to start improving the application of XRP, giving it better use values and of course, allowing it to generate some traction and begin to behave as a viable investment once again.There is a chance that some of the existing cases may swing in the opposite direction, but this is unlikely. Moreover, with one case now history, the speed of decision making within the remaining cases may catch fire. Soon enough, this whole saga may be over for Ripple and finally, XRP will be able to operate unhindered once more. This whole drama has allowed Ripple to find a fresh start for XRP, a rebrand and a plan to fully decentralise can only be positive for both the company and its investors. Hopefully now it won’t be too long before Ripple and XRP are able to reign once again.
Robert first came across Bitcoin in 2016 during a meetup in Belgium, and has been hooked ever since. With a background in Economics, you can find Robert frequently looking at the Twitter feed of the SEC for any regulatory updates relating to Bitcoin and Crypto in general.
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