Ripple (XRP) – Charges have been filed by Taylor-Copeland on behalf of aggrieved Ripple (XRP) investors after noticing the coin contradicts security laws. At the same time, Binance, an exchange with more than 300 trading pairs, has indicated it added XRP/USDT trading pair, making the trade value of the coin skyrocket.
While the Binance update may be a major boost for Ripple, the latest charges filed against it is creating raucous among XRP enthusiasts.
Binance tweeted: “#Binance Adds XRP/USDT Trading Pair.”
— Binance (@binance) May 4, 2018
Another Prosperity Indications For Ripple.
Shortly after Binance added XRP/USDT trading pair, the market value of the digital coin skydives. Crypto lovers are of the opinion that the addition is going to add more progress to Ripple trade price, with many of them saying the cryptocoin is heading to $1.
The price of Ripple, in the last 24 hours has seriously increased by 5.75%, and the value at the moment stays around $0.904, which is a major uptick for the cryptocoin in the last 7 days with the potential of increasing further.
Is Binance More Important To Ripple Than Coinbase?
Binance indication that it added Ripple may not be as important as Coinbase’. By available statistics, if Coinbase adds Ripple, the price of the cryptocoin will definitely skydive. In March, 2018, when the rumour that Coinbase added Ripple surfaced, the price of the digital coin popped to a 12-day high of $1.08 before Coinbase disproved the rumour.
Lawsuit Filed Against Ripple Team.
Taylor-Copeland Law has filed a class action suit charges against Ripple Labs, XRP II, and CEO Brad Garlinghouse on behalf of distressed investors who claimed it sustained losses due to ‘problems’ that emanated from Ripple’s sale of XRP tokens.
According to the complaint, Ripple and those involved in the charges (defendants) have amassed enormous profits which are in violation of state and federal securities laws, claiming Ripple sold XRP to the unsuspecting general public through a never-ending initial coin offering.
The complaint avers that XRP has “all the hallmarks of a security and that Ripple tries to obscure its sales of XRP by doing so on exchanges rather than directly”.
The charges filed before the Superior Court of California, County Of San Fransisco, Civic Center Courthouse, on 3 May 2018, contains over 150 count charges.
In the charges, it was stated that Ripple Lab, in order to heighten the demand for XRP, “consistently portrayed XRP as a good investment, relayed optimistic price predictions, and conflated Ripple Labs’ enterprise customers with usage of XRP.
Citing an example, the complaint furthers that the “plaintiff is informed and believes that Ripple was known as OpenCoin in 2014,” adding that Ripple Labs publicly declared that “we will engage in distribution strategies that we expect will result in a stable or strengthening XRP exchange rate against other currencies.”
“Defendants also reportedly offered to bribe popular U.S.- based cryptocurrency exchanges Coinbase, Inc. (“Coinbase”) and Gemini Trust Company, LLC (“Gemini”) to list XRP.”
“In or about the fall of 2017, Ripple Labs is reported to have offered Coinbase more than $100 million worth of XRP to start letting users trade XRP,” furthering that “A Ripple executive is also reported to have asked whether a $1 million cash payment could persuade Gemini to list XRP in the third quarter of 2017”.
The law firm then implores that investors in XRP who are “interested in protecting” their investment, may contact them to join in the class action.
Ripple Poised To Be World’s Best Coin.
By indications, Ripple team is trying hard to make sure the cryptocoin is added to reputable exchanges, like Coinbase. However, adding Ripple to Coinbase appear somewhat difficult even in the face of alleged financial inducement.
If Ripple is added to Coinbase, the price of the digital coin may possibly stay between $1 and $10. This would be a massive gain for HODLers of the cryptocoin due to their yearnings for the price.
The price of Ripple increasing to above $1 has been the desire of Ripple team and enthusiasts, this has been driving the team to partner with major fintechs and banks in the world, with the inclusion of Central banks. The team to confirm their readiness declared it would have partnered with over half of world’s top bank in the next 5 year.
Fintechs enjoy the service of Ripple tools, with many a number of them indicating to deploy the tool for satisfying the demands of their customers.
Meanwhile, one interesting thing of all action taken by Ripple team is the desire to accept security regulations while other cryptocurrencies are running away from SEC.
According to Ripple CEO, Brad Garlinghouse, “Regulators are behaving as they should to make sure we have regulation around KYL and AML. There are reasons for that. If exchanges are trying to circumvent KYC requirements, [regulators] should come in and enforce that.”