XRP sinks below LTC again after new lawsuit from major investor

XRP has as soon as again lost its place as the fourth-largest cryptocurrency, with lawsuits mounting versus Ripple after among its major financiers followed the SEC in submitting a problem against the project.According to a Jan. 6 report from Bloomberg, Tetragon, one of the lead investors in a $200 million Series C financing round for Ripple in 2019, has submitted a complaint versus the company in the Delaware Chancery Court. The financial investment company claims it is seeking a court to “impose its contractual right to need Ripple to redeem” Series C favored stock held by Tetragon. In addition, the company is petitioning the court to stop Ripple from using “any money or other liquid possessions” up until the matter is settled.Ripple has actually reacted to the accusations, declaring the lawsuit has “no merit” and implicating Tetragon of taking advantage of “the lack of regulative clearness” in the United States in submitting the suit. The firms executives have actually formerly slammed regulators in the U.S.– hinting the company would relocate its headquarters off-shore to leave the United States “regulation through enforcement.” Amid lawsuits from both the U.S. Securities and Exchange Commission, or SEC, and now Tetragon, XRP has actually lost its position as the fourth-largest cryptocurrency by market capitalization. According to information from CoinMarketCap, XRPs $10.3 billion market cap sits behind Litecoins $10.5, with LTC having grown by 26% over the last 7 days while XRPs market cap has actually stagnated. Litecoin initially “turned” XRP on Sunday, however it was a short-lived move.In December, the SEC charged Ripple CEO Brad Garlinghouse and co-founder Chris Larsen with performing an “unregistered, ongoing digital possession 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 actually distanced themselves from XRP. Some have announced they would suspend trading for XRP, while others will delist the token totally. At the time of publication, the cost of XRP is $0.22, having actually fallen 70% because late November.Cointelegraph reached out to Tetragon for remark, but did not receive an action at the time of publication. Title: XRP sinks below LTC again after brand-new lawsuit from significant investorSourced From: cointelegraph.com/news/xrp-sinks-below-ltc-again-after-new-lawsuit-from-major-investorPublished Date: Wed, 06 Jan 2021 00:32:55 +0000

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