Ripple Succeeds In Latest Legal Challenge

Ripple Succeeds In Latest Legal Challenge
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Ripple enthusiasts have a reason to celebrate after a case filed against Ripple Labs Inc by an XRP investor was thrown out of court. The plaintiff accused Ripple of manipulating the price of XRP. Such accusations are precisely what every crypto related project should avoid because the crypto market is media sensitive, and every negative report from the media can cause significant damage to the reputation of the project.

For Ripple though, it was a cause for celebration, as the case was kicked out of court.

On the 10th of August 2018, a California court issued an “Order Denying Motion to Remand” on the case initially brought forward by an aggrieved XRP investor, Ryan Coffey.

Coffey accused Ripple Labs Inc of manipulating the value of XRP leading to financial loss. He claimed to have lost $500 after being misled by Ripple and its CEO to invest. Hence he sought damages. He accused ripple of ignoring the California Corporations Code by manipulating XRP value through salacious and sensational media promotion of XRP. Coffey lawsuit also accused Brad Garlinghouse, the CEO of Ripple of giving misleading analysis.

Ripple Succeeds In Latest Legal Challenge

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Kane Dane