Ripple(XRB) is being sued for $19 billion
The value of a legal dispute involving US-based fintech startups R3 and Ripple has ballooned to nearly $20 billion on the heels of a breakneck rally that has launched ripple’s market cap past $140 billion.
As CCN reported last September, R3 and Ripple filed dueling lawsuits regarding a contract dispute that arose after the dissolution of their once-promising partnership, which was first announced in 2016.
R3 sued Ripple first, claiming that the company violated the partnership agreement by terminating an options contract that gave R3 the right to purchase up to 5 billion XRP — the native currency of the Ripple Consensus Ledger (RCL) — for $0.0085 per unit.
xrp price
The XRP price is trading above $3 on all major exchanges, and its global average has ballooned to $3.84.
The XRP price has soared by 45,000 percent since that deal was inked, peaking at a global average of $3.84 during intraday trading on Thursday.
In its suit, R3 asked the court to order Ripple to honor that agreement, which would allow the firm to purchase the 5 billion XRP — now worth $19.2 billion at its Jan. 4 high — for just $42.5 million, a discount of approximately 99.8 percent off the market price.
If successful, the suit will instantly provide R3 with a five percent stake what has been 2018’s hottest cryptocurrency at virtually no cost, and it will provide the firm with a tidal wave of capital at a time when it has struggled to raise funding from its consortium members.
However, disputing R3’s claim, the San Francisco-based Ripple countersued R3 in California, arguing that R3 failed to fulfill its obligations under the partnership agreement, nullifying its right to exercise the XRP options.
Both firms have seen small victories in the legal conflict. In October, a Delaware judge dismissed R3’s suit, ruling that it did not fall under the court’s jurisdiction. However, Ripple experienced a similar setback in December, when a California judge ruled that it did not have jurisdiction over Ripple’s countersuit against R3.
The legal showdown will now head to New York, giving the New York City-based R3 home-court advantage, so to speak, for the final judgment on the $19 billion options contract.
Source: https://www.ccn.com/r3s-suit-against-ripple-is-now-worth-19-billion/
I really don't understand why Ripple has done so well. It's awful how this coin is ranked #2 on CoinMarket. If you made huge profits from this coin, that's great! It's only a matter of time before this coin is dumped.
Ripple is going to have a ton of lawsuits from how they launched years ago. This centralized company is ripe for the picking because it is centralized unlike other cryptos
Completely agreed. Most of the Ripple investors probably don't know it's centralized...
I've been saying this for a while now. It's great that people are profiting from the coin, but I personally don't understand it's current market value. It's a centralized token, there's an unlimited amount of them, and apparently, banks don't even use the tokens? Not sure about the last one but that's what I've heard. I do believe it's going to come crashing done eventually.
Agreed, this coin is a shit show in terms of valuation. While the underlying Ripple technology used by the banks has merit, there is no reason for the XRP token to have value. I think the people investing in XRP don't understand the difference.
The people who don't understand and invested in XRP is what makes crypto a bit scary.
"A bit scary" is a bit of an understatement, haha
I'm guessing many of the buyers sucking up XRP are noobs excited about getting rich in crypto. If you look at Bittrex for example, watch the trades: Today I seen a panic sell of 20 tokens for $52 USDT, and there are many more like that. Purchases of XRP totaling $10USDT and less being made all day long. When you only have that much money to experiment with in cryptos, then I guess that is money you really can't afford to lose... which they all will.
Thanks for information.
You're welcome!
Ripple has always seemed a little sketchy to me. Especially since it defeats the purpose of decentralized currency... a major attractor to crypto in the first place.
Either this should be a old news or this one is fake!
I've googled about this, yes there exists a lawsuit against Ripple(XRP)
but it is dated to Oct 13, 2017 - Oct 17, 2017 which was dismissed by the court.
I dont see any other recent news claiming about this $19B lawsuit. Hopefully there aren't any because personally i have invested some in this, so i don't want this to be dumped anytime soon!
i wish ripple slow and agonizing death..he is a symbol of everything wrong in this world.If you want to save your soul,dump it like hot potato
I'll keep looking for more validation on this article. You may want to research ripple. Happy trading!
I don't care about lawsuits. The coin is 💩and defies the very purpose of Bitcoin. If you want to trust a private block chain owned by banks that will rob you? Fine. Putting your faith in $ or ripple is the same 💩
The only reason i invested in XRP was to make some money, well, as hatred is growing out more for XRP is a sign tgat it would be doomed soon.
Its not a better choice to hold it anymore!
im in it hugely bcuz i saw FOMO coming into the market plus its a 'bankers' coin but banks not even using it lol
What are you talking about? Banks use XRP for transfers, that's the whole point. That's why the transfers are almost instant and way cheaper. Did you think it was by magic?
This will be the first coin to reach the trillion dollar marketcap. This is the one world Currency, you will receive your salary in XRP one day.
A blockchain consensus algorithm claiming to value peer review needs to consider who they consider their peers and all such reviews should be public. In the blockchain space, our peers are other blockchain technology companies
In other words: If the block chain is not decentralized like bitcoin... your missing the whole point of the technology. The ethos of bitcoin is to achieve monetary sovereignty! Ripple doesn't help you do that. Does it?
I don't understand people's love of ripple. Use it to make money and move on
Thank you! Couldn't have said it better
Thanks for this valuable information
I learn something new I swear to you each & every day 👀
First of all, great post. I agree with you, this coin is based of my research a coin created by the banks. My belief is that it is allowed because it allows banks to quickly transfere money by the click of a button in contrast to how it used to be with a 2-3 day transfere time. I think this is a attempt to overthrow bitcoin and put their coin on top. This coin will be regulated and allow them to retake control from us, the people. Also they have no cap on quantity, meaning that it is a inflationary coin where they will just as cash, print more if needed.
I appreciate your comment.