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Another Lawsuit Claims that Ripple (XRP) is a Security

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Ripple
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Yet another lawsuit against a cryptocurrency known as Ripple (XRP) claims that this crypto is actually a security. The lawsuit was filed in San Mateo County, in Superior Court of California by David Oconer, one of the state’s residents.

Ripple faces another lawsuit

Ripple (XRP) has, no doubt, contributed a lot to resolve some of the problems of the modern transactions system. However, this did not prevent multiple parties from filing lawsuits against Ripple and claiming that it is actually a security.

The newest lawsuit came from California, filed by one of the state’s residents, David Oconer. According to Oconer, who has filed a lawsuit in the Superior Court of California, the company Ripple has created XRP in order to fund its own operations by using token sales. Oconer’s lawsuit has named Ripple Labs, the company’s CEO, Brad Garlinghouse, as well as XRP II and 25 other unnamed individuals as defendants.

Part of the lawsuit states that Ripple (XRP) has sold tokens that have all the attributes that would indicate that the XRP is a security. However, the lawsuit also states that the defendants did not register them as securities. Additionally, the purchasers of XRP have bought it expecting to make a profit, inspired by defendant’s frequent highlights that buying the coins would earn them additional money.

The Ripple controversy

Basically, just like other lawsuits against Ripple, this one also claims that the parties that purchased XRP, Oconer included, did so expecting to earn money, which clearly did not happen due to constant price drops. Now, Oconer wishes to sue the company for damage. Additionally, he noted that traditional securities give purchasers a certain amount of control over the company that is selling them, while RIpple does not.

He even accused Ripple of being in complete control of the currency and XRP ledger, and that Ripple’s network is not decentralized.

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This is not the first time that Ripple was accused of these exact things, and in the first suit Ripple was represented by Mary Jo White, SEC’s former chair, as well as one of SEC’s former officials, Andrew Ceresney. So far, it is unknown whether they plan to represent the company in other suits as well.

What is currently known is that Ripple will be represented by Skadden Arps, a law firm from New York, in at least one of the suits.

Ripple’s stance towards the XRP has not changed, and the company’s CEO has already stated publicly that XRP is not a security. He continues to claim the XRP is decentralized, and that it has separated from Ripple Labs. He also said that buying XRP coins doesn’t give investors ownership of any part of Ripple, the company.

The lawsuits against Ripple continue to pile up, and the company has yet to comment on the recent development.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Altcoins

DGB Price Prediction For 2018 and Beyond

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DGB price prediction
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With the crypto market being constantly bearish throughout this year, a lot of investors are having second thoughts about buying additional coins. While some large cryptocurrencies like Bitcoin or Ethereum can be considered safe investments, smaller coins like Digibyte (DGB) often receive a lot of doubt. This is why the DGB price prediction is necessary so that the investors can know what to expect.

DGB Price Prediction

DGB has had its ups and downs throughout this year, and at some point, it even went up by 70%. However, the constant bear market affected it just as much as numerous other cryptos. This has brought its value down to its current $0.025378 per coin. Some optimistic predictions from earlier dates saw the coin reaching as high a price as $9.20 by the year’s end. However, as we approach the date, it seems less and less likely that this DGB price prediction will come true.

The coin is generally seen as a profitable investment. As it is always the case with cryptocurrencies, they should be bought when their prices are down, so that a profit could be made when they spike up once more. Digibyte is no different, but it should be noted that investing in this coin means having patience. DGB is not among the coins that will make you rich overnight, and instead, it should be seen as a long-term investment.

Even though 2018 has been as…

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Altcoins

Why ZCash (ZEC) Is Heading to $10k

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ZCash
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Back in mid-May, the Winklevoss Twins made the headlines for embracing ZCash (ZEC) as one of its major digital assets on their groundbreaking Gemini exchange. When the announcement was made, ZEC rallied in the market by showing a 45% increment in value. The coin made it to $357 in a matter of hours.

Further assessing the currently available digital assets on the Gemini platform, we find that the exchange currently has USD pairings for only Bitcoin (BTC), Ethereum and ZEC. There is also additional pairings of ETH/BTC, ZEC/BTC and ZEC/ETH with plans to onboard Litecoin in the coming days.

Another thing to note is that the exchange also provides custodial services for institutional investors thus giving ZEC the much-needed exposure to the firms on Wall Street. Custodial services provide a guarantee that all digital assets on the platform are stored by a licensed entity thus extinguishing any cybersecurity concerns. For an entity to be licensed in New York for custodial services, the proper due diligence and research have been done.

Another thing that makes the Gemini exchange attractive and appealing to institutional investors, is that all USD deposits are insured by the FDIC. The latter entity is the Federal Deposit Insurance Corporation that provides insurance for USD deposits in American banks. This means that once again, the funds of individual and institutional investors are safe and insured, further making…

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Altcoins

Ripple XRP Mega Breakout: What’s Next?

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Ripple XRP mega breakout
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The Ripple XRP mega breakout that we were calling for happened and happened much quicker than anyone expected. As we said yesterday:

Nonetheless, IF, Ripple is capable of going ‘topside’ of the .38 figure at any point in the days/weeks ahead, such development, should it occur, would likely trigger its next advance into the .42 – .47 zone, representing a 30-40% move from present levels. On the flip-side, the .25 – .26 area should offer short-term potential support.

XRP is now sitting at .51704  as we write this article this morning, representing gains of 61% since we alerted our readers and our Global Elite email newsletter members.

Ripple XRP Mega Breakout

The Ripple XRP mega breakout is significant because it’s the first time XRP has been above its 50-day moving average since May. Right now, the RSI is approaching 80, so we are in overbought territory and we expect the price to consolidate around the .42 to .47 level before resuming its uptrend.

While some are looking at this as an opportunity to short XRP, we are not of that camp. While some can book some profits and use a trailing stop, any integration of XRP with xRapid has the ability to create a tremendous move in XRP. As Travis Kling said this week on the Off the Chain podcast with Anthony Pompliano, XRP could be the quickest five-bagger investors…

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