Ripple makes a final push to dismiss the damning class-action securities lawsuit ahead of a court hearing that is scheduled for January 2020.
Ripple files for dismissal of XRP securities lawsuit one last time
The company reiterates the same “statue of repose” argument. This means that the plaintiffs failed to meet a legal deadline for filing the suit. Ripple started selling XRP to retail investors back in 2013. This shows that it was way too late to bring legal actions against it back in summer 2018 after a bar to a lawsuit was imposed in 2016.
The blockchain behemoth also continues to insist that XRP is not a security. However, it called this issue “irrelevant” to their latest motion, which is why it didn’t address this point in-depth. It’s not the first time that Ripple tries to dodge the big question that is the cornerstone of the long-lasting legal battle.
“XRP is not a security, but that is irrelevant for purposes of this motion. Even if XRP were a security, Plaintiff’s claims still fail as a matter of law,” the filing said.
Ripple’s previous attempt to throw the suit out of the court didn’t bode well. It is worthy of note that Bradley Sostack, the leading plaintiff in the ongoing case, believes that the defendants are still liable for selling illegal securities. The court will hear this case again on January 15, 2020.
XRP’s status as a security remains a point of contention within the cryptocurrency industry. Crypto influencer BitLord recently slammed Ripple for dumping their native tokens on investors to acquire businesses.
Ripple price outlook
XRP is the best-performing top 10 coin today. Of course, this coincided with Ripple’s court filing and statement that XRP is not a security.
Currently, XRP is one of only four green coins among the top 10 coins by market capitalization. Meanwhile, no coins have appreciated in the last week. XRP price rose 2.19% in a day, though it fell 2.49% in a week. Ripple price is now changing hands at $0.22 level. Its highest price in the past week was $0.23.
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