XRP Community Seeks $500 Billion Damages from Ripple
XRP community members have launched a legal action against Ripple Labs Inc. demanding $500 billion for alleged damages. This action comes after the protracted legal battle Ripple faced with the U.S. Securities and Exchange Commission (SEC).
The SEC’s case against Ripple claimed XRP was sold as an unregistered security. Ripple denied these allegations, but the lawsuit led to market disruptions. This new lawsuit from XRP holders intensifies ongoing disputes.
XRP Price Drops 1.34% Amid Lawsuit Revelations
According to CoinMarketCap, XRP’s current price is $2.44, marking a 1.34% decrease in 24 hours. The market cap stands at approximately $142 billion, with a 24-hour trading volume of $2.6 billion. XRP’s market dominance is nearly 4.94%.
The lawsuit may lead to increased regulatory scrutiny, affecting XRP’s market volatility. Historical trends suggest legal uncertainties often reduce investor confidence. The litigation could lead to significant financial adjustments within Ripple Labs.
Previous SEC Cases Foreshadow Ripple’s Legal Risks
Past legal challenges in the crypto sector, such as Telegram’s case with the SEC, resulted in project halts. Such precedents emphasize the potential risks involved for Ripple if the lawsuit succeeds.
Experts from Kanalcoin suggest the lawsuit could stall Ripple’s operations. They highlight that historical legal contests generally cause temporary market disruptions and investor unease until resolutions are reached.
“We would welcome the 76K+ into our Crypto Justice Coalition, which WILL BE SEEKING AT LEAST $500 BILLION in restitution for XRP tokenholders. However, the Crypto Justice Coalition will not be seeking a remedy through the federal courts . . . at least not initially.” — Jimmy Vallee, Founder and Managing Director, Valhil Capital
