Crypto figureheads rarely make public their portfolio but one of the original architects of the XRP ledger and Ripple CTO, David Schwartz unveiled his crypto holdings. He made this known through his Twitter account after an inquiry from another account with the handle “TheDustyBC”. XRP claimed the number one spot in the list which he […]
Over the last few weeks, XRP has begun to lose its significance in the crypto space as the recent SEC lawsuit against Ripple has caused an adverse impact on the performance of the cryptocurrency. Recent reports have revealed several cases of diverse top exchanges delisting XRP from their trading services, thus resulting in a significant […]
XRP has fallen below Litecoin by market cap after a major investor filed a new lawsuit against Ripple.
XRP has once again lost its place as the fourth-largest cryptocurrency, with lawsuits mounting against Ripple after one of its major investors followed the SEC in filing a complaint against the project.
According to a Jan. 6 report from Bloomberg, Tetragon, one of the lead investors in a $200 million Series C funding round for Ripple in 2019, has filed a complaint against the firm in the Delaware Chancery Court.
The investment company claims it is seeking a court to “enforce its contractual right to require Ripple to redeem” Series C preferred stock held by Tetragon. In addition, the firm is petitioning the court to stop Ripple from using “any cash or other liquid assets” until the matter is settled.
Ripple has responded to the allegations, claiming the lawsuit has “no merit” and accusing Tetragon of taking advantage of “the lack of regulatory clarity” in the United States in filing the suit.
The firm’s executives have previously criticized regulators in the U.S. — hinting the firm would relocate its headquarters off-shore to flee the United States’ “regulation through enforcement.”
Amid lawsuits from both the U.S. Securities and Exchange Commission, or SEC, and now Tetragon, XRP has lost its position as the fourth-largest cryptocurrency by market capitalization. According to data from CoinMarketCap, XRP’s $10.3 billion market cap sits behind Litecoin’s $10.5, with LTC having grown by 26% over the last seven days while XRP’s market cap has stagnated. Litecoin first “flipped” XRP on Sunday, but it was a short-lived move.
In December, the SEC charged Ripple CEO Brad Garlinghouse and co-founder Chris Larsen with conducting an “unregistered, ongoing digital asset securities offering” for their XRP sales. The case is scheduled for a virtual pretrial conference in February.
Following the news, crypto exchanges including Coinbase, Bittrex, OKCoin, Bitstamp, OSL, Beaxy, and CrossTower have distanced themselves from XRP. Some have announced they would suspend trading for XRP, while others will delist the token entirely.
At the time of publication, the price of XRP is $0.22, having fallen 70% since late November.
Cointelegraph reached out to Tetragon for comment, but did not receive a response at the time of publication.
The XRP community is asking the U.S government to recognize XRP as a cryptocurrency. To achieve this, the community has started a petition which already has over 21,00 signatures at the time of this report. The SEC has for years contended that XRP is not a currency but rather a security. The XRP community obviously […]
A man who claims to be a Coinbase customer has filed a lawsuit against the exchange for allowing the sale of XRP on the crypto exchange in an event in which the SEC has filed a suit to challenge the legality of the digital asset. The complainant Thomas C. Sandoval filed the suit in the […]