TronWeekly

Crypto World News

You are here: Home / Archives for ripple

ripple

XRPL Pioneer Reveals Groundbreaking Trading Approach

by

One of the original developers of the XRPL and current Ripple CTO, David Schwartz, has revealed a novel trading method used by the brand-new XRPL Automated Market Maker [AMM].

The ledger’s AMM, which was introduced earlier this year, sparked community discussion about several of its core features. One of which includes ‘Continuous auctions’.

Two things are occurring, according to Schwartz. Selling “arbitrage slots” for LP tokens is how the auction process works. The number of assets the pool’s current LP tokens represent increases as a result of the destruction of those LP tokens.

The pool charges a spread when it offers liquidity while also carrying out a trading strategy. As a result, the pools grow in size, increasing the value that each LP token can be swapped for.

He also disclosed that a volatility harvesting approach is used in the trading process. It purchases when prices are low and sells when they are high and works similarly to multi-exchange strategies to arbitrage price differences over space.

When asked if it could be used in the stock market, Schwartz said that he had run some simulations and found that it performed remarkably well for stocks with high volatility.

But when confronted with persistent trends, he observed, its performance suffers. “The more of a consistent trend you put in, the less well it does”, he added.

Unlike a typical market maker, AMMs employ smart contracts to define the price of digital assets and provide liquidity and are known as Liquidity Pools.

Any entity can become a liquidity provider as long as it meets the requirements encoded into the smart contract.

XRPL’s Unique AMM Features

During large orders in AMMs, a large number of tokens are removed or added to a pool, creating huge discrepancies between the asset’s price in the pool and its market price, thus providing an arbitrage opportunity. 

Here the price difference allows a trader to buy and sell an asset in different markets to generate a profit.

In July last year, blockchain firm Ripple announced a Uniswap-rivalling AMM named the 0030 XLS-30d, on the XRPL network, which was touted to bring enormous DeFi potential to the blockchain.

Ripple Effect: Unveiling The SEC’s Crypto Conundrum & Its Far-Reaching Impact

by

In the midst of the Ripple-SEC lawsuit, the co-founder of Sologenic, Bob Ras, took to Twitter to express his views on the Securities and Exchange Commission’s (SEC) handling of crypto regulation. 

Ras’s tweet highlighted the “Ripple Effects” of the SEC’s aggressive stance, which he believes is having far-reaching consequences within the industry. He further argued that the SEC’s current position on cryptocurrencies is weaker than ever before.

Ras pointed out that the SEC’s attempt to categorize almost all digital assets as securities demonstrate a lack of understanding of the unique characteristics of these new technologies. 

Unnecessary Legal Battles: Ripple & Other Companies Affected

He specifically mentioned companies like Ripple, which are currently entangled in unnecessary legal battles due to the SEC’s oversight.

The co-founder of Sologenic further criticized the SEC’s unwarranted pursuit of crypto projects, suggesting that it has backfired and hindered innovation. Ras claimed that as a result of the SEC’s actions, numerous projects had relocated offshore. 

He emphasized that this issue goes beyond stifling innovation and has broader implications for job creation, investments, and capital loss in the United States.

Ras compared the SEC’s approach to that of an outdated lawmaker attempting to apply archaic laws to a technology they do not fully comprehend. He argued that crypto-assets represent a new asset class, and treating them solely as securities overlooks their distinctive qualities and potential. 

According to Ras, a smarter approach for the SEC would have been to develop a regulatory framework that takes into account the unique nature of these assets.

Recent developments in the Ripple case have shed light on the SEC’s inconsistent stance regarding cryptocurrencies. It has raised the possibility that not all crypto-assets satisfy the criteria to be classified as securities. Ras noted that this revelation could have implications for other companies, including Coinbase.

In light of these issues, Ras urged the SEC to shift from its regulation-by-enforcement approach and adopt a regulatory framework that fosters innovation while safeguarding investors. 

He warned that if the SEC persists with its current approach, it not only risks damaging its reputation but also jeopardizes the United States’ position in the global crypto market.

However, as the resolution of the Ripple-SEC lawsuit approaches, the crypto industry awaits a verdict that could potentially shape the future of crypto regulation in the United States. The outcome will likely be pivotal in determining whether the SEC will reevaluate its approach to cryptocurrencies or maintain its rigid stance.

Related Reading | Crypto Regulations Unveiled: Hong Kong’s Path To Secure & Responsible Trading

Ripple’s Defense: The Significance Of 56.1 Statements & The Fair Notice

by

John E Deaton, the founder of Crypto-Law.us, recently took to Twitter to express his thoughts on the ongoing legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC). 

In response to an article by DJ Peter Vas, which highlighted attorney Jeremy Hogan’s view on the case, Deaton emphasized the significance of the 56.1 statements and counter statements filed by the parties.

Deaton pointed out that without access to these statements, it is challenging for anyone to accurately assess the evidence submitted by both Ripple and the SEC. 

He highlighted an intriguing argument made by the company in its summary judgment brief regarding the presence of written contracts in certain XRP sales. 

The company contends that since these contracts did not impose post-sale obligations, offer equity, or allow buyers to demand anything from it, they should not be considered investment contracts.

Expressing his opinion, Deaton disagreed with the company’s underlying contract argument and anticipated that Judge Analisa Torres would not support it either. Additionally, he believed that the fair notice defense presented by it should be seen as an insurance policy. 

If the judge determines that the company violated Section 5 by engaging in investment contracts, the jury would then decide if Ripple had fair notice of these violations.

Deaton also discussed the ongoing debate about sealing certain documents, such as the Hinman emails, and speculated on a possible split decision. 

He suggested that while the company might face the consequences of early XRP sales, the judge could classify its ODL and secondary market sales as non-securities. This outcome and the argument for fair notice could lead to a total victory for the company.

The outcome of this legal battle remains uncertain, and opinions vary on the potential consequences for Ripple. However, analyzing the 56.1 statements and counter statements and the judge’s decision regarding sealed documents will play crucial roles in determining the outcome.

Community Response: Jury Trial Or Judge’s Decision In The Ripple-SEC Case

The community expressed diverse opinions in response to John E Deaton’s tweet regarding the possibility of a jury trial in the case. One individual questioned whether leaving the decision to a jury was the best approach, considering Judge Analisa Torres’ expertise in the field. They raised concerns about how jurors with pro- or anti-crypto biases would be selected.

Others in the community characterized a jury trial as more of a theatrical performance. They emphasized the importance of voir dire, eliminating jurors based on lawyer questioning, which can heavily influence the trial’s outcome. They noted that jury trials are often seen as high-stakes gambles, leading to many cases settling before reaching that stage.

Screenshot 2023 05 19 202505 1

However, some community members pointed out that, in this particular case, the stakes are significantly asymmetric. They argued that the SEC has much to lose, including setting Fair Notice (FN) precedents and potentially damaging its reputation by disclosing corruption evidence, such as the Hinman emails. 

Related Reading | Legal Battle: FTX, Alameda Research Take On Former CEO Over Funds Misuse

XRP Price Hits 1-Week High After Ripple’s Court Win Over Hinman Docs

by

XRP price soared by 10% after Judge Torres rejected the SEC’s request to have the Hinman documents sealed.

According to the Court order, “although the protection of sensitive, confidential, or proprietary business information is a countervailing interest that can militate in favor of sealing, conclusory statements that documents contain confidential business information” are insufficient to justify sealing.”

SEC argued that the documents should be sealed because of the “clear lack of relevance of these documents to the summary judgment motions” and because their disclosure “would be highly prejudicial” to the commission.

The U.S. District Court’s Judge Analisa Torres ruled that Hinman docs “are judicial documents subject to a strong presumption of public access” because they are “relevant to the performance of the judicial function and useful in the judicial process.”

The documents revolve around William Hinman, a former SEC director, and a controversial speech he gave in 2018 in which he claimed that Ethereum, like Bitcoin, was “sufficiently decentralized” and was therefore exempted from federal securities regulation.

The blockchain firm argued that Hinman’s public statement appears to favor “two winners” in the crypto space, Bitcoin and Ethereum, at the expense of XRP.

On Oct 2022, Ripple was able to secure the crucial Hinman documents from the SEC’s clutches.

The firm’s general counsel Stuart Alderoty who shared the update then called it a victory that will strengthen the legal arguments of the blockchain firm.

Alderoty also stated that the documents, which are internal SEC emails and drafts, remain confidential prior to that [at the SEC’s insistence].

The Hinman Speech Documents “would reasonably have the tendency to influence [the Court’s] ruling on a motion,” he said at that time. 

In its prolonged legal battle with the SEC, which contends that sales of Ripple’s XRP broke American securities laws, the blockchain payment firm has viewed the speech as a crucial piece of evidence.

Following the news, XRP is still up over 7% at $0.45.

Ripple May Lose Out Majority Control Over XRP

Given that Ripple holds a sizeable portion of the token’s supply, top executive Matt Hamilton made a recent suggestion that the firm would eventually lose control of the XRP tokens.

Hamilton proposed to disable the master key at the destination account, rendering the funds released from escrow inaccessible to anyone. This comes at a time when the community has raised concerns about the centralization of the token.

Ripple And Whales Transfer 218 Million XRP Amidst Price Recovery

by

Ripple and other whale addresses recently transferred 218 million XRP, worth an average of $81 million, in six separate transactions. The moves corresponded with a recent XRP recovery push and largely included exchanges like Bittrex and Bitstamp.

Ripple Makes A Big Move With 50m XRP Transfer: What’s Next For XRP

According to Whale Alert, a resource that tracks the movements of large cryptocurrency investors, 50 million XRP tokens worth $21.4 million were involved in the Ripple transfer, which took place on May 9th at 20:35 (UTC).

Whale Alert’s tweet suggests that Ripple sent XRP to a wallet with an unknown owner. However, information gathered by Bithomp suggests that the recipient wallet belongs to Ripple. This wallet has subsequently distributed 7.3 million XRP to various other addresses.

Notably, the recently-moved 50 million XRP tokens are among the property Ripple released from escrow this month. Ripple unlocked 1 billion XRP on May 1 as part of its monthly escrow executions. Shortly after the escrow executions, Ripple locked back 700 million XRP and stored 300 million tokens.

Invoice Morgan, a pro-XRP lawyer, stated that Ripple does not “dump” its property on the market. It is worth noting that, in April, just 50 million of the 300 million XRP issued were transferred from Ripple wallets, similar to the present transaction in Might.

Whale Movements

Other whales, in addition to Ripple, exchanged 168 million XRP in five different transactions. The first transaction saw 50 million XRP sent from Crypto.com to an unnamed wallet. Investigations found that the wallet belonged to Binance.

Soon after, an unauthorized wallet sent 31 million XRP to Bitstamp on May 8 at 21:29 (UTC). Subsequently, there was an internal transaction a few hours later, where two Bittrex wallets moved 30 million XRP on May 9 at 19:41 (UTC). The most recent transfer occurred when an unidentified wallet sent 28 million XRP to Bitstamp on May 9 at 22:14 (UTC).

Whale Transactions Coincide With XRP Value Drop 

The movements made by the whales happened at the same time as a decline in the value of XRP, which prompted a recovery campaign. On May 8, the asset experienced its most significant intraday decline since April 21, dropping by 4.61%. Despite plunging to a 7-week low of $0.41, XRP promptly recovered, with the $0.41 level as support.

XRP recently ended its run of daily losses that started on May 6 and had a small gain of 0.14% at the end of yesterday’s trading session. Over the last 24 hours, XRP has gained 1% and aims to establish a strong position above $0.43. At the time of writing, XRP is trading at $0.4260

Related Reading: | PEPE And FLOKI Surge As Binance Announces Elevated Support |

XRPUSDT 2023 05 10 15 21 29
Source: Tradingview.com

Coinbase: Court Directs SEC To Respond To Mandamus Petition In 10 Days

by

Coinbase’s move to file the second Writ of Mandamus against the SEC bear fruit when the Third Circuit ordered the regulator to respond within 10 days.

Paul Grewal, Coinbase’s Chief Legal Officer, shared the text of the order via his official handle:

TEXT ONLY ORDER [Clerk] At the direction of the Court, the Respondent is ordered to file an answer to the petition for writ of mandamus within 10 days of the date of this order. The petitioner may file a reply to the response within 7 days of the date of filing of the response.

“We appreciate the Court’s careful consideration of this matter,” Grewal added.

This coincides with an unexpected meeting involving the exchange’s legal team and blockchain company Ripple, who recently met off-site to discuss issues in the crypto market.

Stuart Alderoty from Ripple thanked Grewal for making time to meet with the Ripple legal team. Grewal tweeted his appreciation for the offer in return and recommended future encounters should be held more frequently.

The meeting is deemed crucial as both firms are currently embroiled in a legal tussle with the SEC. In 2020 the regulator slapped the San Francisco-based firm and its top execs with lawsuits alleging the illegal sale of XRP as unregistered securities.

On the other hand, Coinbase got served a Wells notice in March where the regulator cautioned that the spot trading, staking, custody, and institutional trading activities of the exchange were in jeopardy.

Although, both firms maintained their distance from one another as they navigate their legal challenges. There has been a softening of stances as evidenced by the latest meeting.

Coinbase & Ripple Set Stage For Future Collaboration

In last Nov, Coinbase showed its support by filing an amicus brief in favor of Ripple Labs in the lawsuit by the U.S. Securities and Exchange Commission over XRP.

Apart from that, Coinbase’s willingness to fight the SEC might have resonated with other crypto supporters including pro-Ripple attorney John E. Deaton.

Earlier the vocal XRP representative threw his weight behind Coinbase Global Inc for filing against the United States’ regulator.

Deaton was particularly impressed by Coinbase filing the second Writ of Mandamus against the commission which he believed would help in better regulatory governance.

XRP Price Prediction: Is Ripple XRP A Good Investment?

by

As the world of cryptocurrencies continues to evolve, many investors are trying to predict the future of different coins. In this article, we will be focusing on XRP and exploring its potential as a good investment. We will also look at how to buy XRP and the concept of cloud mining.

What is XRP?

Before we dive into whether XRP is a good investment, let’s first understand what it is. XRP is a cryptocurrency that was created by Ripple Labs in 2012. Unlike Bitcoin and many other cryptocurrencies, XRP is not mined. Instead, all 100 billion XRP tokens were created at once and a portion of them are released into circulation each month.

XRP Price History and Performance

XRP has been experiencing both ups and downs in recent times. The XRP community is hopeful for another rally as the market sentiment turns bullish with Bitcoin hitting the important level of $30,000. 

However, most likely, the XRP price forecast is an increase toward the $0.5093 resistance area, but a drop below $0.433 could trigger a fall toward $0.350. 

There are three main factors that confirm that XRP should reach $1: 

  • the growing adoption of Ripple among cryptocurrency investors,
  • the legal battle between Ripple and the SEC, 
  • and analysis of XRP technically.

Additionally, the XRP market is globally traded despite several de-listings that happened after the United States SEC filed the lawsuit against Ripple. According to market data provided by Binance-backed Coinmarketcap, the XRP market has had a verifiable traded volume of approximately $1.1 billion in the past 24 hours.

One of the main factors that investors consider when deciding whether a cryptocurrency is a good investment is its price performance. In 2021, XRP had a rocky start due to the SEC filing a lawsuit against Ripple Labs. 

This resulted in many exchanges delisting XRP and the price dropping significantly. However, in November 2021, the SEC dropped the lawsuit and since then, the price of XRP has been steadily increasing. As of the time of writing, the price of XRP is $0.5093.

How Can I Buy XRP?

image 92
XRP Price Prediction: Is Ripple XRP A Good Investment? 4

If you have decided that you want to invest in XRP, the next step is to figure out how can I buy XRP. One way to buy XRP is through a cryptocurrency exchange. Some popular exchanges that offer XRP trading pairs include KuCoin, Binance, Coinbase, and Kraken.

Another option is to buy XRP through a peer-to-peer marketplace, such as LocalBitcoins or Paxful. These platforms allow you to buy XRP directly from other individuals, which can sometimes result in better prices.

Cloud Mining and XRP

Finally, let’s briefly discuss the concept of cloud mining and its relationship to XRP. Cloud mining is a way to mine cryptocurrencies without having to buy and maintain your own mining hardware. Instead, you pay a company to rent their mining hardware and their cloud miner mines the coins for you.

However, it’s important to note that cloud mining is not a viable option for mining XRP. As mentioned earlier, XRP is not mined in the traditional sense. This means that cloud mining companies do not offer XRP mining services. Instead, they typically offer cloud mining for other cryptocurrencies, such as Bitcoin or Ethereum.

How Is the XRP Ledger Network Secured?

The XRP Ledger network is secured through a consensus algorithm called the XRP Ledger Consensus Protocol, or XRPL Consensus Protocol. This algorithm is different from the Proof of Work (PoW) and Proof of Stake (PoS) algorithms used by other blockchains, such as Bitcoin and Ethereum.

Instead of relying on computational power or stake size, the XRPL Consensus Protocol uses a unique mechanism called “distributed agreement” to validate transactions and secure the network. This mechanism requires a supermajority of network participants to agree on the validity and order of transactions, making it difficult for any single entity to manipulate the ledger.

In addition to the XRPL Consensus Protocol, the XRP Ledger network is also secured through cryptographic techniques such as digital signatures and hash functions. These techniques ensure that transactions are authentic and tamper-proof.

Overall, the XRP Ledger network’s unique consensus algorithm and cryptographic techniques make it a secure and reliable platform for conducting transactions with XRP and other assets.

XRP Investment Potential

Based on the recent price performance of XRP, it may seem like a good investment. However, it’s important to consider other factors as well. One factor is the use case of XRP. Ripple Labs created XRP with the intention of it being used as a bridge currency for cross-border transactions. While XRP is currently being used for this purpose by some financial institutions, it has not yet achieved widespread adoption. This means that its potential for growth may be limited.

Another factor to consider is the competition that XRP faces. There are many other cryptocurrencies that also aim to be used for cross-border transactions, such as Stellar (XLM) and the controversial Tether (USDT). These coins may be more attractive to investors due to their lower prices and potential for higher returns.

Overall, while XRP may have some investment potential, it’s important to consider all the factors before making a decision.

Is XRP A Good Investment?

It depends on the individual’s risk appetite and investment goals. XRP can be a good investment for some investors, but it comes with its own set of risks and challenges. It is important to assess one’s risk appetite and investment goals before making any investment decisions. Here are some key points to consider. 

  1. RippleNet has been widely accepted by over 100 multinational banks, which indicates its credibility as a payment transfer system.
  2. Ripple’s price history has been volatile, but it has shown signs of improvement after a tough 2020.
  3. XRP is a cryptocurrency issued by Ripple Labs to help transfer payments through the Ripple Network. If a bank wants to move large amounts of money, it can convert the money to XRP and send it to the recipient bank, eliminating the need for multiple intermediary banks.
  4. XRP’s price is currently consolidating beneath a crucial resistance region inside a neutral pattern, and technical indicators are mixed, signaling a choppy market.
  5. The SEC vs. Ripple’s lawsuit has impacted XRP’s value, with investors anticipating Ripple winning the case.

Conclusion

In conclusion, XRP may have some investment potential, but it’s important to consider all the factors before making a decision. The recent price performance of XRP may be a positive sign, but its limited use case and competition from other cryptocurrencies may make it a risky investment. 

XRP Lawyer On Coinbase’s Response- “That’s How You Do It”

by

XRP representative John E. Deaton has heaped praise on Coinbase’s fiery response to the SEC lawsuit noting that it serves as an example of how to stand up for one’s interests while extending ” the olive branch of dialogue and cooperation.”

On April 27, crypto exchange Coinbase fired back at SEC’s Wells notice telling the federal regulator that an enforcement action against the crypto exchange would pose “major programmatic risks” to the SEC that would “fail on the merits.”

The regulator cautioned that the spot trading, staking, custody, and institutional trading activities of Coinbase were in jeopardy in the Wells notice sent in March.

Additionally, the exchange was accused by the SEC of selling and offering unregistered securities in violation of federal law.

image 96 3
XRP Lawyer On Coinbase's Response- "That’s How You Do It" 6

“Coinbase does not list, clear, or effect trading in securities. The analysis used by SEC officials to support an enforcement action appears to rest on superficial and incorrect analogies to products and services offered by others,” Coinbase noted in a blog post from chief legal officer Paul Grewal.

The SEC has intensified its enforcement drive against major crypto players in recent months, and Coinbase is not the only exchange to receive a Wells Notice.

Previously, the New York-regulated blockchain infrastructure and financial services platform- Paxos was issued. As a result of the notice, Paxos was forced to sunset its Binance-branded stablecoin product.

That being said, Coinbase’s latest response indicates that the firm is not ready to go down without a fight and the move has resonated with other crypto supporters like XRP attorney Deaton.

Earlier the XRP representative threw his weight behind Coinbase Global Inc for filing against the United States’ regulator.

XRP Sales Performance In Q1

Deaton was particularly impressed by Coinbase filing the second Writ of Mandamus against the commission which he believed would help in better regulatory governance.

Amidst the regulatory troubles, XRP maintained its robustness in the first quarter of 2023 according to a report published by its major backer Ripple.

The token’s overall sales shoot up to $361.06 million from the $226.31 million reported in the prior quarter.

The report also discussed XRP Ledger’s on-chain activity whose volumes with decentralized exchange volumes increased 34% to $115 million in Q1 2023 versus Q4 2022.

On centralized exchanges, the token’s Average Daily Volume [ADV] jumped 46% in Q1 to $1 billion from $698 million.

XRP Delivers Robust Growth In Q1; Total Sales Grow By 60%

by

Overall sales for XRP climbed dramatically in the first quarter of 2023, going from $226.31 million to $361.06 million in accordance with the report published by Ripple.

It also covered the on-chain activities of the XRP Ledger, whose volumes with decentralized exchange volumes surged by 34% to $115 million in Q1 2023 compared to Q4 2022.

On centralized exchanges, the token’s Average Daily Volume [ADV] jumped 46% in Q1 to $1 billion from $698 million.

In spite of a string of financial disasters brought on by the demise of Silvergate and Signature Bank, the report asserted that the Ripple-backed coin has held up well.

Despite broader financial turmoil, in Q1, volumes in XRP markets were up 46% QoQ, likely due to a combination of a subsequent recovery in markets as well as large volatile events which tend to spike volumes

As reported by TronWeekly, Ripple published its Q4 2022 report where its net sales of XRP via On-Demand Liquidity [ODL] reached $226.31 million.’

According to the report, a total of $2.96 billion in XRP was sold by Ripple through On-Demand Liquidity [ODL] corridors, of which $2.74 billion was redeemed back and $2.1 billion was placed back into escrow accounts.

However, the figure was down by 27% from its previous quarter where the sales stood at $310 million.

The latest report acknowledged the increase in sales from the previous quarter and stated that Ripple has continued to sell XRP only in connection with ODL transactions.

Ripple Sold XRP Only In Terms Of ODL Transactions

“Since 2020, Ripple has sourced XRP from the open market to ensure there is a sufficient supply of the token available for our growing ODL business,” it added.

Next, it highlighted new regulatory frameworks brought out by several nations to provide clarity for the cryptocurrency market.

John Deaton, a pro-Ripple supporter, and a lawyer, recently predicted a successful outcome for the crypto industry’s campaign for regulatory clarity from the US Securities and Exchange Commission [SEC].

Deaton lent his support to Coinbase’s Writ of Mandamus, which represents another official step in the process of asking the SEC for clear regulations for the crypto business.

The lawyer claimed that SEC attorneys lacked the required good faith to claim that XRP secondary market sales—which were made totally independently of Ripple—were also securities.

Further, Deaton stated that Ripple’s summary judgment brief is already an extremely well-written appellate brief.

Ripple Vs. Zakinov Crucial Hearing: High Stakes Class Action Hearing Begins Today

by

Today, the lawsuit that accuses Ripple Labs of selling XRP as unregistered security is gaining momentum. The lawsuit is taking place in California, and a hearing for the class action certification is scheduled for 4:30 pm Eastern Time.

The dispute between Ripple Labs and the Securities and Exchange Commission (SEC) is one of those legal issues where the outcome can alter over time. John Deaton provided an essential update for XRP holders in the most recent development. 

On his Twitter account, he shared an update that a class action lawsuit against Ripple Labs/Zakinov filed in 2020 will have a hearing on Wednesday, April 26, 2023, at (4:30 pm ET) in a federal court in California.

A class certification order is a court order that grants plaintiffs the ability to proceed in a class action lawsuit on behalf of a certain class of plaintiffs. If the judge already denies the order, the case, which has been running since 2018, may be over sooner than planned.

In February, the founder of Crypto Law and an attorney supporting XRP investors filed an amicus brief in the case. In theory, though, the hearing is open to the public.

I anticipate that the public will be present as audience members only, but as I said at the hearings in New York, PLEASE do not interrupt the proceedings and DO NOT contact Ripple’s lawyers, the plaintiffs’ lawyers, the court, or anyone else associated with the case.

Deaton writes. Surprisingly, the judge granted online access to only 500 members of the general public.

What Is The Importance Of Today’s Hearing For Ripple

The hearing aims to hear oral arguments on whether or not to certify the group of XRP owners suing Ripple. Bradley Sostak, who had held XRP for two weeks, is seeking to become the lead plaintiff in the class action.

He claims XRP is a security. Sostak requests the court to form a class of all XRP owners who purchased and presently hold XRP or sold XRP at a loss.

The proposed class action would encompass XRP holders worldwide, including the 75,890 XRP investors who disagree with the plaintiffs in Zakinov and support Ripple in the SEC case.

Furthermore, the proposed class action does not confine itself to direct Ripple sales. Still, it includes all XRP transactions, including secondary and foreign sales, in jurisdictions where XRP is designated non-security.

In his amicus brief, John E. Deaton requested the court not to approve the class certification due to these conflicts and the fact that only a few XRP holders allege that XRP is an unregistered security.

Although the lawsuit has been ongoing for five years, the court’s scheduling implies it could take a long time. Huber, an XRP community member, recently published the court schedule. That would be 6 years before the trial.

Related Reading: | Ripple Advocate Backs Coinbase’s Lawsuit Against SEC, Predicts A Win For Crypto |

XRPUSD 2023 04 26 15 45 13
Source: Tradingview.com