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Ripple XRP Prepares for a Fight in court with representation from former SEC officials

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Ripple XRP
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Ripple XRP has been in the headlines for all the good reasons lately. From the launch of the SBI virtual currencies exchange to millions in donations being made in Ripple XRP to just courses, there is no end to the Ripple effect all around mainstream media at the moment. However, one of the most pressing issues about this real-time gross settlement cryptocurrency, despite its success, is the fact that it’s mostly misunderstood by the cryptocurrency community.

Why they hate Ripple XRP

Most seasoned cryptocurrency traders wouldn’t touch Ripple XRP not even with a ten-foot pole, and for a good reason. Since Ripple works to partner with banking institutions globally, such investors imagine that it is a centralized coin that only uses the term Blockchain to gain traction and nuance from already existing digital solutions. After all, the Bitcoin revolution was all about paving a new path, away from the mainstream financial institutions. Therefore, Ripple XRP might appear to be the old wine in the new skin to most.

However, this couldn’t be further from the truth. Ripple XRP and Ripple the company are two completely separate entities. While the latter is the company that founded the former, the XRP cryptocurrency is a distributed ledger that is completely independent of the Ripple the company.

The lawsuit

On the other hand, there will be some cryptocurrency traders and investors who will regard Ripple XRP as a security for Ripple the company. In fact, it has only been a couple of weeks since Ripple got sued by an investor who claimed that he lost his investment while buying and selling XRP. He went on to file a class action lawsuit against Ripple alleging that state and federal securities laws have been violated by the company.

In response, Ripple has indicated in a statement reported by CoinDesk saying that they are “ready to fight this opportunistic suit in an appropriate federal court.”

Ripple also mentioned that it is “Confident that the claims regarding XRP are completely unfounded both in law and fact”

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Former SEC officials

Furthermore, court records show that the Ripple is being represented by Mary Jo White and Andrew Ceresney. The interesting and most ironic part about the suit is that the two formerly worked with the Securities and Exchange Commission. Ceresney formerly served as an enforcement director at SEC from 2013 in April to 2016 December. While White, on the other hand, served as the chairwoman of the SEC during the Obama administration to its end last year.

Currently, the court case has shifted to the US District Court for the Northern District of California from its previous proceedings at the San Francisco County Superior Court.

Since the filling of the lawsuit last month, Ripple has been on the defense disputing the basis of the lawsuit that classified Ripple XRP as securities for Ripple (the Blockchain startup).

In an interview with CoinDesk, Ripple’s head of corporate communication was quoted saying that ripple will “assess the merit or lack of merit of the allegation at the appropriate time.” He also went on further to mention that the decision to classify XRP as a security is “for the SEC to decide” and that Ripple maintains its stance that XRP is not and should not be classified as a security. Given that the two Ripple representatives are former SEC officials, it will be interesting to see how the courts rule out the case.

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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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