Since late 2020, XRP Coin investors have been closely monitoring the SEC’s lawsuit against Ripple. Throughout this legal journey, many aspects of the U.S. judicial system have come to light, including Amicus Curiae briefs, discoveries, and summary judgments. While the case is ongoing and unlikely to conclude soon, recent statements from Ripple executives shed light on their perspective.
What Did Ripple Executives Say?
Ripple’s CEO and CLO recently addressed misunderstandings about a judge’s decision in California concerning a class action lawsuit related to XRP Coin. Ripple’s CEO clarified that the media misrepresented the judge’s decision, emphasizing that all class action claims were dismissed. He affirmed that the ruling does not alter the determination that XRP is not a security, as per a New York court decision. The California judge dismissed all claims of Ripple violating federal securities law through XRP sales.
How Does This Affect the Lawsuit?
Stuart Alderoty, Ripple’s Chief Legal Officer, confirmed that the California judge dismissed all federal securities law violation claims. The only remaining issue involves a state law claim from 2017, where the plaintiff, who did not buy XRP directly from Ripple and wasn’t aware of the disclosure before trading, claims minimal financial loss. Ripple views this as an attempt by legal trolls to exploit the judicial system, a tactic that has ultimately failed.
Implications for XRP Coin
The lawsuit has significantly impacted XRP Coin’s price. Over the years, the circulating supply of XRP has increased, making it challenging to reach its previous all-time high. Currently, XRP Coin is trading at around $0.48, far below the $3 target, which would require a market valuation exceeding $300 billion.
User-Usable Inferences
- The dismissal of all class action claims in California secures XRP’s non-security status.
- State law claims proceeding to trial involve insignificant financial implications.
- Ripple’s legal clarity may positively influence investor confidence.
Ripple plans to take strategic steps to enhance its ecosystem this year, although how these efforts will impact XRP Coin’s price remains uncertain.