Wednesday, November 25, 2020
XRP Highest Gainer Among Top 20 As It Breaks $0.2900 for First Time Since Feb 20

XRP Highest Gainer Among Top 20 As It Breaks $0.2900 for First Time Since Feb 20

According to data from CryptoCompare, around 19:05 UTC on Saturday (August 1), XRP broke through the $0.2900 resistance level for the first time in over five months on its way to an intraday high of $0.2905.

Currently (as of 19:14 UTC on August 1), XRP is trading at $2916, up 14.26% against USD in the past 24-hour period, which makes it the highest percentage gainer vs USD among the top 20 cryptoassets by market cap:

Naturally, XRP HOLDers are delighted to see XRP in the list of top gainers in the past 24-hour period:

The lead Technical Analyst at crypto-focused research firm Blockfyre had this to say about XRP’s price action:

As far as Ripple news is concerned, the company claimed in documents filed at the United States District Court for the Northern District of California (Oakland Division) on Wednesday (July 29) that the lead plaintiff Bradley Sostack in the class action (originally filed in May 2018) against Ripple Labs Inc., XRP II, LLC, and Bradley Garlinghouse had not proven that Ripple CEO Brad Garlinghouse had made misleading and/or false statements regarding XRP in 2017.

Ripple’s legal team says that the Sostack’s accusations fall into the following categories:

  • “Statements about XRP’s Utility”
  • “Statements about Brad Garlinghouse’s XRP Holdings”
  • “Statements about Ripple’s XRP Sales”
  • “XRP and Ripple’s Enterprise Software Products”

They say that Sostack has failed to provide adequate proof for any of these four categories of accusations:

In short, Plaintiff fails to offer the factual allegations needed to show that Ripple’s and Mr.Garlinghouse’s statements were false when made.

Therefore, they urge the court to dismiss without prejudice all fraud claims made by the lead plaintiff:

Plaintiff has not cured the defects that led the Court to dismiss his Fraud Claims from his originalComplaint, Dkt. 85 at 40, and he has not met the heightened pleading requirements of Rule 9(b). These defects are incurable, and the Fraud Claims should be dismissed with prejudice.

Featured Image by “rkarkowski” via Pixabay.com

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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